A Theory of Money and Financial Institutions. Part 28. The Noncooperative Equilibria of a Closed Trading Economy with Market Supply and Bidding Strategies,
YALE UNIV NEW HAVEN CONN COWLES FOUNDATION FOR RESEARCH IN ECONOMICS
Pagination or Media Count:
In several previous papers Shubik, Shapley and Shapley and Shubik have proposed and investigated a model of exchange in many markets with the manner of price formation completely formulated and with trade utilizing a money. The basic model analyzed previously was extremely simple in some ways not completely satisfactory and certainly not unique in its portrayal of price formation. Shapley and Shubik and Shubik have suggested several alternative models. This paper is devoted to examining a noncooperative equilibrium solution to one of the alternative models and to contrasting this with the noncooperative equilibrium solution to the original model.
- Economics and Cost Analysis