Tian, Guoqiang (2002): Implementation of Walrasian Allocations in Economies with Infinite Dimension Commodity Spaces.
Download (136kB) | Preview
This paper considers the problem of implementing constrained Walrasian allocations for exchange economies with infinitely many commodities and finitely many agents. The mechanism we provide is a feasible and continuous mechanism whose Nash allocations and strong Nash allocations coincide with constrained Walrasian allocations. This mechanism allows not only preferences and initial endowments but also coalition patterns to be privately observed, and it works not only for three or more agents, but also for two-agent economies, and thus it is a unified mechanism which is irrespective of the number of agents.
|Item Type:||MPRA Paper|
|Original Title:||Implementation of Walrasian Allocations in Economies with Infinite Dimension Commodity Spaces|
|Keywords:||Implementation, Walrasian Allocations, Infinite Dimension Commodity Spaces|
|Subjects:||D - Microeconomics > D0 - General|
|Depositing User:||Guoqiang Tian|
|Date Deposited:||12. Sep 2012 12:54|
|Last Modified:||02. Jan 2016 11:40|
1. Aliprantis, C. D. and K. C. Border (1994), Infinite Dimensional Analysis (Springer-Verlag).
2. Aliprantis, C. D. and O. Bukinshaw (1985), Positive Operations (Academic Press, New York).
3. Hong, L., (1995), Nash implementation in production economy, Economic Theory, 5, 401-417.
4. Hurwicz L (1972) On informationally decentralized systems, in: Decision and Organization, ed. by Radner, R. and C. B. McGuire, (Volume in Honor of J. Marschak) (North-Holland) 297-336.
5. Hurwicz L (1979) Outcome functions yielding Walrasian and Lindahl allocations at Nash equilibrium points. Review of Economic Studies 46: 217-225.
6. Hurwicz L (1979) On allocations attainable through Nash equilibria. Journal of Economic Theory 21: 149-165.
7. Hurwicz L, Maskin E, Postlewaite A, 1995, Feasible Nash Implementation of Social Choice Rules When the Designer Does Not Know Endowments or Production Sets, in: The Economics of Informational Decentralization: Complexity, E±ciency, and Stability, ed. by J. O. Ledyard, (Essays in Honor of Stanley Reiter) Kluwer Academic Publishers.
8. Jameson, G. (1970), Ordered Linear spaces, Springer-Verlag, New York.
9. Kwan KY, Nakamura S (1987) On Nash implementation of the Walrasian or Lindahl correspondence in the two-agent economy. Discussion Paper # 243, University of Minnesota.
10. Mas-Colell, A. (1986), The price equilibrium existence problem in topological vector lattices, Econometrica 54: 1039-1054.
11. Mas-Colell, A. and W. R. Zame (1991), Equilibrium theory in in¯nite dimensional spaces, in: Handbook of Mathematical Economics, eds by W. Hildenbrand and H. Sonnenschein, Horth-Holland, 1835-1898.
12. Nakamura, S., 1990, A feasible Nash implementation of Walrasian equilibria in the two-agent economy, Economics Letters 34, 5-9.
13. Peleg, B., (1996), A continuous double implementation of the constrained Walrasian equilibrium, Economic Design 2, 89-97. 603-611.
14. Schmeidler D(1980)Walrasian analysis via strategic outcome functions. Econometrica 48: 1585-1593.
15. Suh, S., (1994), Double Implementation in Nash and Strong Nash equilibria, University of Windsor, (mimeo).
16. Tian, G., (1992), Implementation of the Walrasian correspondence without continuous, convex, and ordered preferences, Social Choice and Welfare 9, 117-130.
17. Tian, G. (2000), Double Implementation of Lindahl Allocations by a Pure Mechanism, Social Choice and Welfare 17, 125-141.
18. Yannelis, N. and W. Zame (1986), "Equilibria in Banach Lattices Without Ordered Preferences," Journal of Mathematical Economics 15, 85-110
19. Zame, W. (1986), "Competitive Equilibria in Production Economies with an In¯nite-Dimensional Commodity Space," Econometrica 55, 1075-1108.