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Reports Year : 1999

Nash-walras Equilibria of a Large Economy


Individuals exchange contracts for the delivery of commodities in competitive markets and, simultaneously, act strategically; actions affect utilities across individuals directly or through the payoffs of contracts. This encompasses economies with asymmetric information. Nash - walras equilibria exist for large economies, even if utility functions are not quasi - concave and choice sets are not convex, which is the case in standard settings; the separation of the purchase from the sale of contracts and the pooling of the deliveries on contracts guarantee that the markets for commodities clear.
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hal-00601580 , version 1 (19-06-2011)


  • HAL Id : hal-00601580 , version 1


Enrico Minelli, Heracles M. Polemarchakis. Nash-walras Equilibria of a Large Economy. 1999. ⟨hal-00601580⟩


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