A Characterisation of Trading Equilibria in Market Games

Manipushpak Mitra, Indrajit Ray () and Souvik Roy ()

No E2020/8, Cardiff Economics Working Papers from Cardiff University, Cardiff Business School, Economics Section

Abstract: We provide a full characterisation of the set of trading equilibria (in which all goods are traded at a positive price) in a strategic market game (as introduced by Shapley and Shubik), for both the buy and sell and the buy or sell versions of this model under standard assumptions on the utility functions. We also interpret and illustrate our main equilibrium-characterising condition, using simple examples.

Keywords: strategic market game; trading equilibrium; buy and sell; buy or sell. (search for similar items in EconPapers)
JEL-codes: C72 D44 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2020-05
New Economics Papers: this item is included in nep-gth, nep-mic, nep-ore and nep-upt
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