TY - CHAP
T1 - Chapter 57 Values of perfectly competitive economies
AU - Hart, Sergiu
PY - 2002
Y1 - 2002
N2 - Perfectly competitive economies are economic models with many agents, each of whom is relatively insignificant. This chapter studies the relations between the basic economic concept of competitive (or Walrasian) equilibrium, and the game-theoretic solution concept of value. It includes the classical Value Equivalence Theorem together with its many extensions and generalizations, as well as recent results.
AB - Perfectly competitive economies are economic models with many agents, each of whom is relatively insignificant. This chapter studies the relations between the basic economic concept of competitive (or Walrasian) equilibrium, and the game-theoretic solution concept of value. It includes the classical Value Equivalence Theorem together with its many extensions and generalizations, as well as recent results.
KW - competitive equilibrium
KW - perfect competition
KW - Shapley value
KW - value
KW - value equivalence principle
UR - http://www.scopus.com/inward/record.url?scp=33746542908&partnerID=8YFLogxK
U2 - 10.1016/S1574-0005(02)03020-5
DO - 10.1016/S1574-0005(02)03020-5
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AN - SCOPUS:33746542908
SN - 9780444894281
T3 - Handbook of Game Theory with Economic Applications
SP - 2169
EP - 2184
BT - Handbook of Game Theory with Economic Applications
A2 - Aumann, Robert
A2 - Hart, Sergiu
ER -