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Marshallian Money, Welfare, and Side-Payments
Qin, Chen-Zhong; Shapley, Lloyd S.; Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2009
parameters specifying the interpersonal comparisons in the side-payment game. We study this game for the properties of the delta-core …
Persistent link: https://www.econbiz.de/10008479208
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An 'Average' Lyapunov Convexity Theorem and Some Core Equivalence Results
Zhou, Lin - Cowles Foundation for Research in Economics, Yale University - 1991
I prove an "average" version of the Lyapunov convexity theorem and apply it to establish some core equivalence results …
Persistent link: https://www.econbiz.de/10005463977
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The Uses of Teaching Games in Game Theory Classes and Some Experimental Games
Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2001
The results are presented from several experiments. They include the selection of points in the core, interpersonal …
Persistent link: https://www.econbiz.de/10005762670
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The Theory of Money and Financial Institutions: A Summary of a Game Theoretic Approach
Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2006
A game theoretic approach to the theory of money and financial institution is given utilizing both the strategic and coalitional forms for describing the economy. The economy is first modeled as a strategic market game, then the strategic form is used to calculate several cooperative forms that...
Persistent link: https://www.econbiz.de/10005762688
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A Computational Analysis of the Core of a Trading Economy with Three Competitive Equilibria and a Finite Number of Traders
Shubik, Martin; Kumar, Alok - Cowles Foundation for Research in Economics, Yale University - 2001
In this paper we examine the structure of the core of a trading economy with three competitive equilibria as the number … of traders (N) is varied. We also examine the sensitivity of the multiplicity of equilibria and of the core to variations … in individual initial endowments. Computational results show that the core first splits into two pieces at N = 5 and then …
Persistent link: https://www.econbiz.de/10005593218
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The Edgeworth, Cournot and Walrasian Cores of an Economy
Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2003
Three variations of the core of a market game representing an exchange economy are considered and compared. The … possibility for utilizing the Walrasian core to reflect certain monetary phenomena is noted. …
Persistent link: https://www.econbiz.de/10005464037
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Matching with Incomplete Information
Liu, Quingmin; Mailath, George J.; Postlewaite, Andrew; … - Cowles Foundation for Research in Economics, Yale University - 2012
assumes that the agents have complete information, and examines core outcomes. We formulate a notion of stable outcomes in …
Persistent link: https://www.econbiz.de/10010686932
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Money and Production, and Liquidity Trap
Dubey, Pradeep; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2006
We prove the existence of monetary equilibrium in a finite horizon economy with production. We also show that if agents expect the monetary authority to significantly decrease the supply of bank money available for short term loans in the future, then the economy will fall into a liquidity trap...
Persistent link: https://www.econbiz.de/10005762579
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A Practical Competitive Market Model for Indivisible Commo
Yang, Zaifu - Cowles Foundation for Research in Economics, Yale University - 2001
A general and practical competitive market model for trading indivisible goods is introduced. There are a group of buyers and a group of sellers, and several indivisible goods. Each buyer is initially endowed with a sufficient amount of money and each seller is endowed with several units of each...
Persistent link: https://www.econbiz.de/10005762658
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If You're So Smart, Why Aren't You Rich? Belief Selection in Complete and Incomplete Markets
Blume, Larry; Easley, David - Cowles Foundation for Research in Economics, Yale University - 2001
This paper provides an analysis of the asymptotic properties of consumption allocations in a stochastic general equilibrium model with heterogeneous consumers. In particular we investigate the market selection hypothesis, that markets favor traders with more accurate beliefs. We show that in any...
Persistent link: https://www.econbiz.de/10005762721