Noncooperative Exchange With a Continuum of Traders
ResearchPublished 1977
Price formation and trade in a large exchange economy is modeled as a non-atomic noncooperative game in two contrasting ways: (1) with fiat money, with borrowing and bankruptcy permitted, and (2) with a commodity money and no borrowing. Results relating the noncooperative (Nash) equilibrium with the competitive (Walrus) equilibrium are obtained for each model, and some special cases are considered. The basic problem of measurability of the strategy selection when there is a continuum of players is also considered, and way of resolving it is proposed.
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Document Details
- Copyright: RAND Corporation
- Availability: Available
- Year: 1977
- Print Format: Paperback
- Paperback Pages: 42
- Paperback Price: $23.00
- DOI: https://doi.org/10.7249/P5964
- Document Number: P-5964
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Dubey, Pradeep and Lloyd S. Shapley, Noncooperative Exchange With a Continuum of Traders, RAND Corporation, P-5964, 1977. As of September 4, 2024: https://www.rand.org/pubs/papers/P5964.html
Dubey, Pradeep and Lloyd S. Shapley, Noncooperative Exchange With a Continuum of Traders. Santa Monica, CA: RAND Corporation, 1977. https://www.rand.org/pubs/papers/P5964.html. Also available in print form.
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