I construct a general, game theoretic model of markets. Agents in the model choose how much of each good to supply/demand, and at what prices. Trading can occur at non-market-clearing prices. There is an explicit rationing mechanism that kicks in if markets fail to clear. The game is very...

I study general equilibrium theory with incomplete information. When agents are not fully informed, they can end up purchasing a bundle of goods that is far from optimal. General equilibrium theory falls short of providing a satisfactory explanation of the ability of real markets to deliver good...