Non-Walrasian decentralization of the core

Leonidas C. Koutsougeras and Nicholas Ziros

Journal of Mathematical Economics, 2011, vol. 47, issue 4-5, 610-616

Abstract: We show that in large finite economies, core allocations can be approximately decentralized as Nash (rather than Walras) equilibrium. We argue that this exercise is an essential complement to asymptotic core equivalence results, because it implies that in some approximate sense individual attempts to manipulate the decentralizing prices cannot be beneficial, which fits precisely the interpretation of asymptotic core convergence, namely the emergence of price taking.

Keywords: Core; Nash equilibrium; Asymptotic proximity; Decentralization (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:47:y:2011:i:4:p:610-616

DOI: 10.1016/j.jmateco.2011.08.001

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