Shubik, Martin; Dubey, Pradeep; Sahi, Siddhartha - Cowles Foundation for Research in Economics, Yale University - 1989
There are two sources of inefficiency of strategic equilibria (SE) in market mechanisms. The first is the oligopolistic effect, which occurs when an agent can single-handedly influence prices. With a continuum of agents we get "perfect competition" and this effect is, of course, wiped out. But...