Game-Theoretic Methods in General Equilibrium Analysis: 77 (NATO Science Series D:, 77) - Hardcover

 
9780792330110: Game-Theoretic Methods in General Equilibrium Analysis: 77 (NATO Science Series D:, 77)

Synopsis

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.

"synopsis" may belong to another edition of this title.

Product Description

Game-Theoretic Methods in General Equilibrium Analysis Proceedings of the NATO Advanced Study Institute, Long Island, NY, U.S.A., July 1--12, 1991

Synopsis

This text presents a systematic exposition of the use of game-theoretic methods in general equilibrium analysis. Rather than focusing on single concepts, it covers all basic equivalence theorems - core, bargaining set, Shapley and Harsanyi value, Nash equilibria - including an axiomatic approach to them. It examines the value of large games and the new tools used in the strategic approach to general equilibrium. The book is primarily addressed to researchers and advanced graduate students but, being largely self-contained, it can also be used as a text for a course.

"About this title" may belong to another edition of this title.