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- DescriptionIn six chapters this book introduces a micro-ecomic model where trade takes place through a stable structure of bilateral exchange institutions.The main problem in such models is that, for well-kwn equilibrium concepts, equilibrium may fail to exist in the corresponding game. In this work an adaptation of such models - hierarchically structured ecomies - 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-kwn market forms, viz. Walrasian and mopolistic 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 ecomies.
- Author(s)Willy Spanjers
- PublisherSpringer-Verlag New York Inc.
- Date of Publication05/12/2010
- SubjectEconomics: Professional & General
- Series TitleTheory and Decision Library C
- Series Part/Volume Number15
- Place of PublicationNew York, NY
- Country of PublicationUnited States
- ImprintSpringer-Verlag New York Inc.
- Content Notebiography
- Weight485 g
- Width156 mm
- Height234 mm
- Spine10 mm
- Format DetailsTrade paperback (US)
- Edition Statement1st ed. Softcover of orig. ed. 1997
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