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Imperfect communication in markets : a big world problem

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  • Alan Kirman

    (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper examines the problem of markets where not all individuals are in contact with each other. The nature of the communication structure in a market is rarely made explicit in standard economic analysis although a structure is implicitly assumed in the description of the model. To take as an example the general equilibrium model of exchange, it is clear that in such a model each individual must receive price signals. Hence a structure which would correspond to the Walrasian description would be one in which each agent was in contact with a central auctioneer. Thus viewing the agents as nodes in a graph and denoting contact or communication between two individuals by an arc, the Walrasian model would correspond to a star-shaped graph. (...)

Suggested Citation

  • Alan Kirman, 1980. "Imperfect communication in markets : a big world problem," Working Papers hal-01533674, HAL.
    • Handle: RePEc:hal:wpaper:hal-01533674
    Note: View the original document on HAL open archive server: https://hal.science/hal-01533674
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    References listed on IDEAS

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    1. Hansen, Terje, 1969. "A Note on the Limit of the Core of an Exchange Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(3), pages 479-483, October.
    2. Roger B. Myerson, 1976. "Graphs and Cooperation in Games," Discussion Papers 246, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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