The non-cooperative equilibria of a trading economy with complete markets and consistent prices (Q1263501): Difference between revisions
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Revision as of 03:44, 5 March 2024
scientific article
| Language | Label | Description | Also known as |
|---|---|---|---|
| English | The non-cooperative equilibria of a trading economy with complete markets and consistent prices |
scientific article |
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The non-cooperative equilibria of a trading economy with complete markets and consistent prices (English)
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1989
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The paper presents a discussion of a model (attributed to Shapley) of an exchange economy with complete markets and provides its analysis as a strategic market game. The main feature is that of a single clearing system which links all trades together; it is thus implied that one good has a single price. The non-cooperative (Nash) equilibria for this model are shown to convergence to competitive equilibria under replication.
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Nash equilibria
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consistent prices
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exchange economy
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complete markets
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strategic market game
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single clearing system
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competitive equilibria
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replication
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