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Game-Theoretic Methods in General Equilibrium Analysis : NATO Science Series D: - J. F. Mertens

Game-Theoretic Methods in General Equilibrium Analysis

NATO Science Series D:

By: J. F. Mertens (Editor), Sylvain Sorin (Editor)

Hardcover Published: 31st July 1994
ISBN: 9780792330110
Number Of Pages: 268

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JEAN-FRANQOIS MERTENS This book presents a systematic exposition of the use of game theoretic methods in general equilibrium analysis. Clearly the first such use was by Arrow and Debreu, with the "birth" of general equi- librium theory itself, in using Nash's existence theorem (or a generalization) to prove the existence of a competitive equilibrium. But this use appeared possibly to be merely tech- nical, borrowing some tools for proving a theorem. This book stresses the later contributions, were game theoretic concepts were used as such, to explain various aspects of the general equilibrium model. But clearly, each of those later approaches also provides per sea game theoretic proof of the existence of competitive equilibrium. Part A deals with the first such approach: the equality between the set of competitive equilibria of a perfectly competitive (i.e., every trader has negligible market power) economy and the core of the corresponding cooperative game.

List of Figuresp. 7
List of Authorsp. 9
Introductionp. 11
General Equilibrium and Cooperative Games: Basic Resultsp. 17
Core Convergence in Perfectly Competitive Economiesp. 35
Economies with Atomsp. 47
Bargaining Setsp. 51
The Shapley Valuep. 61
Value of Games with a Continuum of Playersp. 67
The TU Value: The Non-differentiable Casep. 81
Addendum: The Shapley value of a perfectly competitive market may not existp. 95
The Harsanyi Valuep. 105
Value Equivalence Theorems: The TU and NTU Casesp. 113
Economic Applications of the Shapley Valuep. 121
An Axiomatic Approach to the Equivalence Phenomenonp. 137
Large Games and Economies with Effective Small Groupsp. 145
Strategic Market Games: a Survey of Some Resultsp. 209
From Nash to Walras Equilibriump. 225
Correlated- and Communication Equilibriap. 243
Notes on Correlated Equilibrium and Sunspot Equilibriump. 249
Implementation with Plain Conversationp. 261
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9780792330110
ISBN-10: 0792330110
Series: NATO Science Series D:
Audience: General
Format: Hardcover
Language: English
Number Of Pages: 268
Published: 31st July 1994
Publisher: SPRINGER VERLAG GMBH
Country of Publication: NL
Dimensions (cm): 24.03 x 16.46  x 2.16
Weight (kg): 0.57

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