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Hierarchically Structured Economies: Models with Bilateral Exchange Institutions (Theory and Decision Library C, Band 15) - Softcover

Spanjers, Willy

 
9781441947710: Hierarchically Structured Economies: Models with Bilateral Exchange Institutions (Theory and Decision Library C, Band 15)
Softcover
ISBN 10: 144194771X ISBN 13: 9781441947710
Verlag: Springer, 2010

Inhaltsangabe

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.

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Verlag
Springer
Erscheinungsdatum
2010
Sprache
Englisch
ISBN 10 
144194771X
ISBN 13 
9781441947710
Einband
Taschenbuch
Anzahl der Seiten
192
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