Perfectly competitive economies are economic models with many agents, each of whom is relatively insignificant. This chapter studies the relations between the basic economic concept of competitive (or Walrasian ) equilibrium , and the game-theoretic solution concept of value . It includes the...

Three values for non-transferable utility games -- the Harsanyi NTU-value, the Shapley NTU-value, and the Maschler--Owen consistent NTU-value -- are compared in a simple example. Copyright Kluwer Academic Publishers 2004