Hierarchically Structured Economies

Willy Spanjers

ISBN 10: 0792343980 / ISBN 13: 9780792343981

Editore: Springer US, Springer New York Feb 1997, 1997

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This item is printed on demand - Print on Demand Titel. Neuware -In six chapters this book introduces a micro-economic model where trade takes place through a stable structure of bilateral exchange institutions.The main problem in such models is that, for well-known equilibrium concepts, equilibrium may fail to exist in the corresponding game. In this work an adaptation of such models - hierarchically structured economies - is introduced. The possibilities and limitations of the use of the concept of subgame perfect equilibrium within the context of this kind of models is discussed. Furthermore, it is shown that some well-known market forms, viz. Walrasian and monopolistic markets, occur as special cases. A modification of the concept of subgame perfect equilibrium is introduced to formulate and prove a general theorem on the existence of equilibrium in hierarchically structured economies.Springer Verlag GmbH, Tiergartenstr. 17, 69121 Heidelberg 192 pp. Englisch.

Codice articolo 9780792343981

Dati bibliografici

• Titolo: Hierarchically Structured Economies
• Editore: Springer US, Springer New York Feb 1997
• Data di pubblicazione: 1997
• Lingua: Inglese
• ISBN 10: 0792343980
• ISBN 13: 9780792343981
• Rilegatura: Buch
• Condizione: Neu

Descrizione articolo

Riassunto

In six chapters this book introduces a micro-economic model where trade takes place through a stable structure of bilateral exchange institutions.The main problem in such models is that, for well-known equilibrium concepts, equilibrium may fail to exist in the corresponding game. In this work an adaptation of such models - hierarchically structured economies - is introduced. The possibilities and limitations of the use of the concept of subgame perfect equilibrium within the context of this kind of models is discussed. Furthermore, it is shown that some well-known market forms, viz. Walrasian and monopolistic markets, occur as special cases. A modification of the concept of subgame perfect equilibrium is introduced to formulate and prove a general theorem on the existence of equilibrium in hierarchically structured economies.

Contenuti

1. Introduction. 2. Hierarchically Structured Exchange Economies. 3. Mono Pricing in Hierarchical Trees. 4. Bid and Ask Prices in Hierarchical Trees. 5. Arbitrage. 6. Hierarchies. A. Mathematical Appendix. B. Equilibrium Concepts. References. Index of Authors. Index of Subjects.