Nash and Walras Equilibrium

The existence of Nash and Walras equilibrium is proved via Brouwer's Fixed Point Theorem, without recourse to Kakutani's Fixed Point Theorem for correspondences. The domain of the Walras fixed point map is confined to the price simplex, even when there is production and weakly quasi-convex preferences. The key idea is to replace optimization with "satisficing improvement," i.e., to replace the Maximum Principle with the "Satisficing Principle."

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Year of publication:	1996-10
Authors:	Geanakoplos, John
Institutions:	Cowles Foundation for Research in Economics, Yale University
Subject:	Equilibrium \| Nash \| Walras \| Brouwer \| Kakutani

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Extent:	application/pdf
Series:	Cowles Foundation Discussion Papers.
Type of publication:	Book / Working Paper
Language:	English
Notes:	CFP 1058 Published in Economic Theory (2003), 21(2/3): 585-603 The price is None Number 1131R3 20 pages
Classification:	C6 - Mathematical Methods and Programming ; C62 - Existence and Stability Conditions of Equilibrium
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005593373