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  • Open Daily: 10am - 10pm
    Alley-side Pickup: 10am - 7pm

    3038 Hennepin Ave Minneapolis, MN
    612-822-4611

Open Daily: 10am - 10pm | Alley-side Pickup: 10am - 7pm
3038 Hennepin Ave Minneapolis, MN
612-822-4611
Hierarchically Structured Economies: Models with Bilateral Exchange Institutions

Hierarchically Structured Economies: Models with Bilateral Exchange Institutions

Spanjers, Willy

Paperback

Series: Theory and Decision Library C, Book 15

EconomicsGeneral Mathematics

ISBN10: 144194771X
ISBN13: 9781441947710
Publisher: Springer Nature
Published: Dec 6 2010
Pages: 182
Weight: 0.61
Height: 0.41 Width: 6.14 Depth: 9.21
Language: English
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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