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| Author: | Peters, M. |
| Title: | On the equivalence of Walrasian and non-Walrasian equilibria in contract markets: The case of complete contracts |
| Journal: | Review of Economic Studies
1997 : APR, VOL. 64(2):219, p. 241-264 |
| Index terms: | CONTRACTS MARKETS EQUILIBRIUM THEORY |
| Language: | eng |
| Abstract: | This study shows that the Walrasian theory by Gale approximates the outcome of a large game in which sellers compete directly against one another by offering contracts. The strong assumptions used in the Walrasian theory to narrow the set of equilibria are shown to coincide with off equilibrium path conjectures in the large game. Though the Walrasian equilibrium concept has desirable properties for a relatively large class of matching technologies, this study only shows that it can be decentralized for the exponential matching technology. |
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