NON WALRASIAN DECENTRALIZATION OF THE CORE By
نویسندگان
چکیده
We show that in large nite 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 bene cial, which ts precisely the interpretation of asymptotic core convergence, namely the emergence of price taking. Keywords: Core, Nash equilibrium, asymptotic proximity, decentralization. JEL Classi cation Number: D43, D50, C72
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