A Strategic Market Game with Complete Markets*
نویسندگان
چکیده
An exchange economy is modeled as a strategic market game with all pairwise markets available. Existence of noncooperative equilibria is proved. It is shown that if resources are distributed in a skewed manner, in equilibrium prices may not satisfy the no arbitrage condition. One round of trade even with all goods serving as money is not sufficient to provide enough liquidity for efftcient trade Journal of Economic Literature Classification Numbers: 021, 026, 311. Cl 1990 Academic Press, IIIC.
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