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Market Institutions and Allocations

Author

Listed:
  • Green, G..

Abstract

We show for general class of market environments that there exist allocations that cannot be improved upon by allocations that are obtainable in the nash equilibrium of alternative noncooperative games. We take account of the fact that in such alternative games, individuals will draw inferences about other's types when the participate in the alternative game.

Suggested Citation

  • Green, G.., 1996. "Market Institutions and Allocations," Working Papers 96-05, New York University, Leonard N. Stern School of Business, Department of Economics.
    • Handle: RePEc:ste:nystbu:96-05
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    More about this item

    Keywords

    GAME THEORY; ECONOMIC EQUILIBRIUM; MARKET;
    All these keywords.

    JEL classification:

    • C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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