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Existence of Equilibrium in Discrete Market Games

Author

Listed:
  • Somdeb Lahiri

    (Institute for Financial Management & Research)

Abstract

In this paper we show that a feasible price allocation pair is a market equilibrium of a discrete market game if and only if it solves a linear programming problem. We use this result to obtain computable necessary and sufficient conditions for the existence of market equilibrium. We assume that the production functions of the profit maximizing agents are discrete concave.

Suggested Citation

  • Somdeb Lahiri, 2005. "Existence of Equilibrium in Discrete Market Games," Game Theory and Information 0512005, University Library of Munich, Germany.
    • Handle: RePEc:wpa:wuwpga:0512005
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    References listed on IDEAS

    as
    1. Zaifu YANG & Ning SUN, 2004. "The Max-Convolution Approach to Equilibrium Models with Indivisibilities," Econometric Society 2004 Far Eastern Meetings 564, Econometric Society.
    2. Shapley, Lloyd S. & Shubik, Martin, 1969. "On market games," Journal of Economic Theory, Elsevier, vol. 1(1), pages 9-25, June.
    3. Somdeb Lahiri, 2005. "Manipulation via Endowments in a Market with Profit Maximizing Agents," Game Theory and Information 0511008, University Library of Munich, Germany.
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    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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