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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

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

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

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 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

Notes on Computational Complexity of GE Inequalities

Brown, Donald J. - Cowles Foundation for Research in Economics, Yale University - 2012

This paper is a revision of my paper, CFDP 1865. The principal innovation is an equivalent reformulation of the decision problem for weak feasibility of the GE inequalities, using polynomial time ellipsoid methods, as a semidefinite optimization problem, using polynomial time interior point...

Persistent link: https://www.econbiz.de/10011015214

Default Penalty as a Selection Mechanism among Multiple Equilibria

Huber, Juergen; Shubik, Martin; Sunder, Shyam - Cowles Foundation for Research in Economics, Yale University - 2009

Closed exchange and production-and-exchange economies may have multiple equilibria, a fact that is usually ignored in macroeconomic models. Our basic argument is that default and bankruptcy laws are required to prevent strategic default, and these laws can also serve to provide the conditions...

Persistent link: https://www.econbiz.de/10008854042

Alfred Marshall's Cardinal Theory of Value: The Strong Law of Demand

Brown, Donald J.; Calsamiglia, Caterina - Cowles Foundation for Research in Economics, Yale University - 2007

We show that all the fundamental properties of competitive equilibrium in Marshall's cardinal theory of value, as presented in Note XXI of the mathematical appendix to his Principles of Economics (1890), derive from the Strong Law of Demand. That is, existence, uniqueness, optimality, and global...

Persistent link: https://www.econbiz.de/10010895660