A strategic market game with complete markets
نویسندگان
چکیده
منابع مشابه
A Strategic Market Game with Complete Markets*
An exchange economy is modeled as a strategic market game with all pairwise markets available. Existence of noncooperative equilibria is proved. It is shown that if resources are distributed in a skewed manner, in equilibrium prices may not satisfy the no arbitrage condition. One round of trade even with all goods serving as money is not sufficient to provide enough liquidity for efftcient trad...
متن کاملA Strategic Market Game with Secured Lending
We study stationary Markov equilibria for strategic, competitive games, in a market-economy model with one non-durable commodity, at money, borrowing/lending through a central bank or a money market, and a continuum of agents. These use at money in order to ooset random uctuations in their endowments of the commodity, are not allowed to borrow more than they can pay back (secured lending), and ...
متن کاملA Strategic Market Game with Active Bankruptcy
We construct stationary Markov equilibria for an economy with fiat money, one nondurable commodity, countably-many time periods, and a continuum of agents. The total production of commodity remains constant, but individual agents’ endowments fluctuate in a random fashion from period to period. In order to hedge against these random fluctuations, agents find it useful to hold fiat money which th...
متن کاملAn Example of Strategic Market Game with Infinitely Many Commodities
This short paper shows in an example of strategic market game that the CournotNash equilibrium converges to the Walras equilibrium, even in the case of an exchange economy with infinitely many commodities.
متن کاملA Behavioral Approach to a Strategic Market Game
In this paper we interlink a dynamic programming, a game theory and a behavioral simulation approach to the same problem of economic exchange. We argue that the success of mathematical economics and game theory in the study of the stationary state of a population of microeconomic decision makers has helped to create an unreasonable faith that many economists have placed in models of ”rational b...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Journal of Economic Theory
سال: 1990
ISSN: 0022-0531
DOI: 10.1016/0022-0531(90)90054-n