Harsanyi values of large economies: Nonequivalence to competitive equilibria

Sergiu Hart; Andreu Mas-Colell

doi:10.1006/game.1996.0025

Harsanyi values of large economies: Nonequivalence to competitive equilibria

Sergiu Hart^*
, Andreu Mas-Colell

^*Corresponding author for this work

Research output: Contribution to journal › Article › peer-review

9 Scopus citations

Abstract

We consider economies with many agents and compare the competitive equilibria and the value allocations of the resulting coalitional games. In particular, we provide a (smooth and robust) example where the "value principle" does not hold for the Harsanyi NTU-value: there is a unique competitive equilibrium, which however does not belong to the (nonempty) set of Harsanyi value allocations. Journal of Economic Literature Classification Numbers: C71, D51.

Original language	English
Pages (from-to)	74-99
Number of pages	26
Journal	Games and Economic Behavior
Volume	13
Issue number	1
DOIs	https://doi.org/10.1006/game.1996.0025
State	Published - Mar 1996

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AB - We consider economies with many agents and compare the competitive equilibria and the value allocations of the resulting coalitional games. In particular, we provide a (smooth and robust) example where the "value principle" does not hold for the Harsanyi NTU-value: there is a unique competitive equilibrium, which however does not belong to the (nonempty) set of Harsanyi value allocations. Journal of Economic Literature Classification Numbers: C71, D51.

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Harsanyi values of large economies: Nonequivalence to competitive equilibria

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