منابع مشابه
Cores of dense exchange economies
Dense exchange economies cardinal characteristic is that each trader has infinitely many traders close to him or her in terms of initial allocations of goods and preference orderings. For such economies, a qualitative concept of “core” is formulated, and it is shown that a natural, qualitatively defined subset of the core coincides with the quantitative concept of “competitive equilibria.” The ...
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We relax strategy-proofness (a form of dominant strategy implementation) by allowing “small” gains from manipulation. In 2-agent exchange economies, this relaxation is shown to have a discontinuous effect on the range of efficient rules, demonstrating a type of nonrobustness in previous impossibility results. When gains are measured with respect to a single good and preferences are linear, we c...
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The incentive ratio measures the utility gains from strategic behaviour. Without any restrictions on the setup, ratios for linear, Leontief and Cobb–Douglas exchange markets are unbounded, showing that manipulating the equilibrium is a worthwhile endeavour, even if it is computationally challenging. Such unbounded improvements can be achieved even if agents only misreport their utility function...
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Crockett, Spear and Sunder [2005b] propose an algorithm whereby boundedly rational agents with standard neoclassical preferences learn competitive equilibrium in a repeated static exchange economy. In this paper a laboratory market is instituted to examine the hypothesis that people are at least as sophisticated as these agents. The adopted market institution strongly restricts the space of age...
متن کاملCore Rationalizability in Two-Agent Exchange Economies∗
We provide a characterization of selection correspondences in two-person exchange economies that can be core rationalized in the sense that there exists a preference profile with some standard properties that generates the observed choices as the set of core elements of the economy for any given initial endowment vector. The approach followed in this paper deviates from the standard rational ch...
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ژورنال
عنوان ژورنال: Econometrica
سال: 1975
ISSN: 0012-9682
DOI: 10.2307/1913412