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Implementation of Walrasian Allocations in Economies with Infinite Dimension Commodity Spaces

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  • Tian, Guoqiang

Abstract

This paper considers the problem of implementing constrained Walrasian allocations for exchange economies with infinitely many commodities and finitely many agents. The mechanism we provide is a feasible and continuous mechanism whose Nash allocations and strong Nash allocations coincide with constrained Walrasian allocations. This mechanism allows not only preferences and initial endowments but also coalition patterns to be privately observed, and it works not only for three or more agents, but also for two-agent economies, and thus it is a unified mechanism which is irrespective of the number of agents.

Suggested Citation

  • Tian, Guoqiang, 2002. "Implementation of Walrasian Allocations in Economies with Infinite Dimension Commodity Spaces," MPRA Paper 41228, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:41228
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    File URL: https://mpra.ub.uni-muenchen.de/41228/1/MPRA_paper_41228.pdf
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    References listed on IDEAS

    as
    1. L. Hurwicz, 1979. "Outcome Functions Yielding Walrasian and Lindahl Allocations at Nash Equilibrium Points," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 46(2), pages 217-225.
    2. Yannelis, Nicholas C. & Zame, William R., 1986. "Equilibria in Banach lattices without ordered preferences," Journal of Mathematical Economics, Elsevier, vol. 15(2), pages 85-110, April.
    3. Bezalel Peleg, 1996. "A continuous double implementation of the constrained Walras equilibrium," Review of Economic Design, Springer;Society for Economic Design, vol. 2(1), pages 89-97, December.
    4. Nakamura, Shinsuke, 1990. "A feasible Nash implementation of Walrasian equilibria in the two-agent economy," Economics Letters, Elsevier, vol. 34(1), pages 5-9, September.
    5. Schmeidler, David, 1980. "Walrasian Analysis via Strategic Outcome Functions," Econometrica, Econometric Society, vol. 48(7), pages 1585-1593, November.
    6. Hurwicz, Leonid, 1979. "On allocations attainable through Nash equilibria," Journal of Economic Theory, Elsevier, vol. 21(1), pages 140-165, August.
    7. Hong, Lu, 1995. "Nash Implementation in Production Economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 5(3), pages 401-417, May.
    8. Mas-Colell, Andreu, 1986. "The Price Equilibrium Existence Problem in Topological Vector Lattice s," Econometrica, Econometric Society, vol. 54(5), pages 1039-1053, September.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Implementation; Walrasian Allocations; Infinite Dimension Commodity Spaces;
    All these keywords.

    JEL classification:

    • D0 - Microeconomics - - General

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