Decentralized Pricing and the equivalence between Nash and Walrasian equilibrium

B-Tier
Journal: Journal of Mathematical Economics
Year: 2016
Volume: 63
Issue: C
Pages: 84-92

Score contribution per author:

1.005 = (α=2.01 / 2 authors) × 1.0x B-tier

α: calibrated so average coauthorship-adjusted count equals average raw count

Abstract

We introduce, in the standard exchange economy model, market games in which agents use private prices as strategies. We give conditions on the game form that ensure that the only strict Nash equilibria of the game are the competitive equilibria of the underlying economy. This equivalence result has two main corollaries. First, it adds to the evidence that competitive equilibria can be strategically stable even in small economies. Second, it implies that competitive equilibria have good local stability properties under a large class of evolutionary learning dynamics.

Technical Details

RePEc Handle
repec:eee:mateco:v:63:y:2016:i:c:p:84-92
Journal Field
Theory
Author Count
2
Added to Database
2026-01-25