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Nash implementation with an infinite-dimensional trade space

Author

Listed:
  • Guillaume Bernis

    (Calyon, Capital Markets - GCE - Calyon, Capital Markets - GCE)

  • Gaël Giraud

    (CERMSEM - CEntre de Recherche en Mathématiques, Statistique et Économie Mathématique - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper deals with the problem of implementing the Walras correspondence via Nash equilibria, in exchange economies with infinitely many commodities and finitely many households with possibly non-ordered preferences. We explicitly construct a feasible mechanism enjoying some features, which have natural economic meanings. Under a fairly weak boundary condition, this game fully implements the Walras equilibria. If this condition is not fulfilled, our mechanism nevertheless implements the constrained Walras equilibria.

Suggested Citation

  • Guillaume Bernis & Gaël Giraud, 2005. "Nash implementation with an infinite-dimensional trade space," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-00310499, HAL.
    • Handle: RePEc:hal:cesptp:hal-00310499
    DOI: 10.1007/s10058-005-0130-1
    as

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