Review of Economic Studies
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Опубликовано на портале: 30-01-2007
Debraj Ray, Kaljan Chatterjee, Kunal Sengupta, Bhaskar Dutta
Review of Economic Studies.
1993.
Vol. 60.
No. 2.
P. 463-77.
The authors explore a sequential offers model of n-person coalitional bargaining
with transferable utility and with time discounting. Their focus is on the efficiency
properties of stationary equilibria of strictly superadditive games when the discount
factor 'delta' is sufficiently large. It is shown that delay and the formation of
inefficient subcoalitions can occur in equilibrium, the latter for some or all orders
of proposer. However, efficient stationary equilibrium payoffs converge to a point
in the core as 'delta' approaches one. Strict convexity is a sufficient condition
for there to exist an efficient stationary equilibrium payoff vector for sufficiently
high 'delta'.
Опубликовано на портале: 12-05-2004
Leo K. Simon
Review of Economic Studies.
1984.
Vol. 51.
P. 209-230.
Presents a study which developed a game-theoretic model of a pure exchange, monetary
economy in which buyers and sellers announce both quantities and prices. Motivation
and outline of the model; Similarities and differences between the model and that
of Bertrand's; Components of the strategic market game.
Опубликовано на портале: 24-01-2007
Eric S. Maskin
Review of Economic Studies.
1999.
Vol. 66.
No. 1.
P. 23-38.
If is a set of social alternatives, a social choice rule (SCR) assigns a subset of
A to each potential profile of individuals' preferences over A, where the subset
is interpreted as the set of 'welfare optima.' A game form (or 'mechanism') implements
the social choice rule if, for any potential profile of preferences, (1) any welfare
optimum can arise as a Nash equilibrium of the game form (implying, in particular,
that a Nash equilibrium exists) and, (2) all Nash equilibria are welfare optimal.
The main result of this paper establishes that any SCR that satisfies two properties
- monotonicity and no veto power--can be implemented by a game form if there are
three or more individuals. The proof is constructive.
Опубликовано на портале: 22-01-2007
Eric S. Maskin, Partha Sarathi Dasgupta
Review of Economic Studies.
1986.
Vol. 53.
No. 1.
P. 1-26.
The article presents information about the existence of equilibrium in discontinuous
economic games. In this paper and its sequel presents study the existence of Nash
equilibrium in games where agents' payoff functions are discontinuous. The enquiry
is motivated by a number of recent studies that have uncovered serious existence
problems in seemingly innocuous economic games. In the sequel to this paper, authors
have explained the utility function in the economic games referred to earlier are
neither continuous nor quasi-concave. However, they demonstrate that the payoff functions
in mildly modified versions of these constructs exhibit two weaker forms of continuity
which, together with the requirement of quasi-concavity, suffice for the existence
of an equilibrium. From this one may conclude that, at least in the modified versions
of these models, discontinuities in the payoff functions are not the real source
of the problem. Rather, it is the failure of the payoff functions to the quasi-concave
which is "responsible" for the non-existence of equilibrium. These observations bear
on the existence of Nash equilibrium in pure strategies.
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