Chapter 57 Values of perfectly competitive economies

Sergiu Hart*

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

11 Scopus citations

Abstract

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.

Original languageEnglish
Title of host publicationHandbook of Game Theory with Economic Applications
EditorsRobert Aumann, Sergiu Hart
Pages2169-2184
Number of pages16
DOIs
StatePublished - 2002

Publication series

NameHandbook of Game Theory with Economic Applications
Volume3
ISSN (Print)1574-0005

Keywords

  • competitive equilibrium
  • perfect competition
  • Shapley value
  • value
  • value equivalence principle

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