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...

This chapter presents the results on the cores of perfectly competitive exchange economies, that is economies in which the endowment of each agent is negligible on the scale of the whole economy. In the contributions of Edgeworth, Debreu and Scarf, and Aumann, the conclusion is: the core (in...

This paper studies an exchange economy with a finite number of agents in which each agent is initially endowed with a finite number of (personalized) indivisible commodities. We observe that the core equivalence theorem may not hold for this economy when the coalitional form game is generated in...