Nash and Walras equilibria have been studied from the angle of differential topology, yielding comparable results about existence and topological structure of equilibrium sets. Following a presentation of such results we shall review results on the Nash implementation of Walrasian equilibria. The purpose of the exercise is twofold: to establish a refinement criterion among multiple Walrasian eq...

We consider a pure exchange economy repeated from a fixed endowment for an indefinite number of periods and posit a learning rule which directs convergence to competitive equilibrium. In each period trade converges to an allocation in the contract set, where agents interpret the current (common) normalized utility gradient as a vector of prices to determine the implied wealth redistribution rel...

This note provides a price equilibrium existence theorem in economies where commodities may be indivisible and aggregate excess demand functions may be discontinuous or do not have any structure except Walras’ Law. We establish a condition, called recursive transfer lower semi-continuity, which is weaker than transfer lower semi-continuity and in turn weaker than lower semi-continuity, for the ...

We extend the classical results on the Walras-core existence and equivalence to an ambiguous asymmetric information economies, i.e., economies where agents maximize Maximin Expected Utility (MEU). The interest of considering ambiguity arises from the fact that, in the presence of MEU decision making, there is no conflict between efficiency and incentive compatibility, (contrary to the Bayesian ...

In this paper, we extend the non-cooperative analysis of oligopoly to exchange economies with infinitely many commodities by using strategic market games. This setting can be interpreted as a model of oligopoly with differentiated commodities by using the Hotelling line. We prove the existence of an “active” Cournot-Nash equilibrium and show that, when traders are replicated, the price vector a...