The non-cooperative equilibria of a trading economy with complete markets and consistent prices☆
Siddhartha Sahi,Shuntian Yao +1 more
TLDR
In this article, an exchange economy with complete markets is described and a general theorem for the existence of active Nash equilibria is proved, and it is further shown that under replication of traders, these equilibrium approaches competitive equilibrium of the economy.About:
This article is published in Journal of Mathematical Economics.The article was published on 1989-01-01 and is currently open access. It has received 111 citations till now. The article focuses on the topics: Nash equilibrium & Complete market.read more
Citations
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Strategic market games: an introduction
TL;DR: The special issue of The Journal of Mathematical Economics on "Strategic Market Games" (SMG) as discussed by the authors was the first special issue devoted to SMG. But this issue was not devoted to the game itself.
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The limit-price mechanism
TL;DR: In this paper, a market mechanism that extends the double auctions to a fully symmetric multi-commodity setup, or equivalently, that extends Shapley's "windows" model to allow in addition for limit orders as opposed to just market orders, is presented.
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Cournot-Walras equilibria in markets with a continuum of traders
TL;DR: In a model with a nonatomic continuum of traders some of which behave strategically while the others remain price-takers, the set of Cournot-Walras equilibria coincides with the set in this paper.
Proceedings ArticleDOI
A peer-to-peer system as an exchange economy
Christina Aperjis,Ramesh Johari +1 more
TL;DR: In this paper, a peer-to-peer system for filesharing as an exchange economy is formulated, where a price is associated with each file, and users exchange files only when they can afford it.
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Strategic Market Games with Exchange Rates
Sylvain Sorin,Sylvain Sorin +1 more
TL;DR: In this article, the authors introduce a model without commodity money but where the use of fiat money does not imply the possibility of debt, hence the necessity for penalty, and they describe mechanisms of formation of prices and of redistribution of goods.
References
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A Theory of Money and Financial Institutions. Part 28. The Noncooperative Equilibria of a Closed Trading Economy with Market Supply and Bidding Strategies
Pradeep Dubey,Martin Shubik +1 more
TL;DR: Shubik and Shubik as discussed by the authors examined a noncooperative equilibrium solution to one of the alternative models and to contrasting this with the non-cooperative solution to the original model.
Journal ArticleDOI
A strategic market game with complete markets
TL;DR: In this paper, an exchange economy is modeled as a strategic market game with all pairwise markets available, and the existence of noncooperative equilibria is proved, and it is shown that if resources are distributed in a skewed manner, in equilibrium prices may not satisfy the no arbitrage condition.
Posted Content
A Strategic Market Game with Complete Markets
TL;DR: In this paper, the existence of equilibrium for an exchange strategic market game with complete markets is proved for complete markets with inconsistent prices, and an example of equilibrium with inconsistent price is given.
Related Papers (5)
A strategic market game with complete markets
A Theory of Money and Financial Institutions. Part 28. The Noncooperative Equilibria of a Closed Trading Economy with Market Supply and Bidding Strategies
Pradeep Dubey,Martin Shubik +1 more