Walrasian análisis via two-person games

Autores: Carlos Hervés Beloso , Emma Moreno García
Localización: Working paper series ( RGEA ), Nº. 13, 2004
Idioma: español
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Resumen
- We associate to any pure exchange economy a game with only two players, regardless of the number of consumers. In this two-player game, each player represents a different role of the society, which is formed by all the individuals in the economy. Player 1 selects feasible allocations trying to make Pareto improvements. Player 2 chooses an alternative from the wider range of allocations that are feasible in the sense of Aubin. The set of Nash equilibria of our game is non-empty and we show that every Nash equilibrium is actually a strong Nash equilibrium. Our main result provides a characterization of Walrasian equilibria allocations as strong Nash equilibria of the associated society game.