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Surplus-sharing Local Games in Dynamic Exchange Processes

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  • Henry Tulkens
  • Shmuel Zamir

Abstract

A well-known property of so-called “MDP processes”1 is monotonicity in terms of the utilities of the agents, due to the sharing among the latter of a “surplus” of numeraire generated at each point of their trajectories. In this paper, we focus our attention on the somewhat neglected question of how this sharing takes place, and we propose to use game-theoretic concepts and methods for answering it. A byproduct of this enquiry is the formulation of a “nontâtonnement” process that seems to be of independent interest.
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  • Henry Tulkens & Shmuel Zamir, 1979. "Surplus-sharing Local Games in Dynamic Exchange Processes," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 46(2), pages 305-313.
    • Handle: RePEc:oup:restud:v:46:y:1979:i:2:p:305-313.
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    File URL: http://hdl.handle.net/10.2307/2297053
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    Cited by:

    1. Kwan Koo Yun, 2004. "Efficient Pareto-improving Processes," Econometric Society 2004 Far Eastern Meetings 784, Econometric Society.

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