Showing papers by "Andreu Mas-Colell published in 1992"
01 Jan 1992
TL;DR: In the applications of equilibrium theory, one occasionally encounters situations where consumption sets are naturally compact as mentioned in this paper, where consumption is restricted to a given budget set and the equilibrating variables are ration-coupons prices.
Abstract: In the applications of equilibrium theory one occasionally encounters situations where consumption sets are naturally compact. Two examples are:
(i)
fix-price equilibria where consumption is restricted to a given budget set and the equilibrating variables are ration-coupons prices (as in Dreze and Muller, 1980);
(ii)
models where the choice variables are probability distributions on a fixed number of indivisible objects (as in Hylland and Zeckhauser, 1979).
82 citations
01 Jan 1992
TL;DR: The value equivalence principle in games with nontransferable utility (NTU) was introduced by Harsanyi and Shapley as discussed by the authors, and has been applied to many applications in game theory.
Abstract: One of the most successful cooperative solution concepts in game theory is that of value. Originally defined for n-person games with transferable utility (“TU”) by Shapley [1953b], it has been extended to general games with nontransferable utility (“NTU”) by Harsanyi [1959, 1963] and Shapley [1969] and applied to numerous models. These applications, in turn, have always yielded important insights (to mention just one: the “value equivalence principle” in purely competitive economies).
7 citations
01 Jan 1992
TL;DR: In this article, Trockel et al. present an analysis of large economies with non-convex preferences, on a topic very close to Trout Rader's interest and belongs to a line of the literature which grew considerably after 1973.
Abstract: Preface (1991): This paper first appeared in May 1973 as Working Paper IP-183 of the Center for Research in Management Science of the University of California - Berkeley. In spite of the high regard that this author had for it, it remained unpublished. It is on a topic very close to Trout Rader’s interest and it belongs to a line of the literature which grew considerably after 1973 (see W. Trockel: Market Demand: An Analysis of Large Economies with Non-convex Preferences, 1989 Lecture Notes in Economics and Mathematical Systems 223, Springer-Verlag). It is dedicated to Trout Rader with much sympathy.