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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

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

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

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

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

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

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

Transformations of the Commodity Space, Behavioral Heterogeneity and the Aggregation Problem

Grandmont, Jean-Michel - Cowles Foundation for Research in Economics, Yale University - 1991

The aggregation problem in demand analysis and exchange equilibrium is studied by putting restrictions on the shape of the distribution of the agents' characteristics. This is done by exploiting the finite dimensional linear structure induced on demand functions by affine transformations of the...

Persistent link: https://www.econbiz.de/10005463848

A Strategic Market Game with Seigniorage Costs of Fiat Money

Shubik, Martin; Tsomocos, D.P. - Cowles Foundation for Research in Economics, Yale University - 1993

A model that includes the cost of producing money is presented and the nature of the inefficient equilibria in the model are examined. It is suggested that if one acknowledges that transactions are a form of production, which requires the consumption resources, then the concept of Pareto...

Persistent link: https://www.econbiz.de/10005463866

Strictly Fair Allocations in Large Exchange Economies

Zhou, Lin - Cowles Foundation for Research in Economics, Yale University - 1991

In this paper we introduce the concept of a strictly fair allocation and investigate the set of strictly fair allocations in large exchange economies. We prove that when agents' utility functions are differentiable, the set of strictly fair allocations coincides with the set of equal-income...

Persistent link: https://www.econbiz.de/10005464043