Walrasian analysis via two-player games

Carlos Hervés-Beloso and Emma Moreno-García

Games and Economic Behavior, 2009, vol. 65, issue 1, 220-233

Abstract: 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, 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 our main result provides a characterization of Walrasian equilibria allocations as strong Nash equilibria of the associated society game.

Keywords: Walrasian; equilibrium; Nash; equilibrium; Aubin; core (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (6)

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