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A bargaining-Walras approach for finite economies

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  • Hervés-Estévez, Javier
  • Moreno-García, Emma

Abstract

We give a notion of bargaining set for finite economies and show its coincidence with the set of Walrasian allocations. Moreover, we also show that justified objections equate with Walrasian objections. Our bargaining-Walras equivalence provides a discrete approach to the characterization of competitive equilibria obtained by Mas-Colell (1989) for continuum economies. Some further results highlight whether it is possible to restrict the formation of coalitions and still get the bargaining set. Finally, recasting some known characterizations of Walrasian allocations, we state additional interpretations of the bargaining set.

Suggested Citation

  • Hervés-Estévez, Javier & Moreno-García, Emma, 2015. "A bargaining-Walras approach for finite economies," MPRA Paper 69802, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:69802
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    References listed on IDEAS

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    1. Schmeidler, David, 1972. "A Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, vol. 40(3), pages 579-580, May.
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    3. Hervés-Beloso, Carlos & Moreno-García, Emma, 2009. "Walrasian analysis via two-player games," Games and Economic Behavior, Elsevier, vol. 65(1), pages 220-233, January.
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    6. Gerard Debreu, 1963. "On a Theorem of Scarf," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 30(3), pages 177-180.
    7. Vind, Karl, 1972. "A Third Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, vol. 40(3), pages 585-586, May.
    8. Schjodt, Ulla & Sloth, Birgitte, 1994. "Bargaining Sets with Small Coalitions," International Journal of Game Theory, Springer;Game Theory Society, vol. 23(1), pages 49-55.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Bargaining sets; coalitions; core; veto mechanism.;
    All these keywords.

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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