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- Title
COMMENT ON MCLENNAN AND SONNENSCHEIN "SEQUENTIAL BARGAINING AS A NONCOOPERATIVE FOUNDATION FOR WALRASIAN EQUILIBRIUM".
- Authors
Dagan, Nir; Serrano, Roberto; Volij, Oscar
- Abstract
This article focuses on sequential bargaining as a non-cooperative foundation for Walrasian equilibrium. There is no non-Walrasian example in which agents entering the economy sum up to a finite measure and the feasibility conditions are met. To avoid infeasibility problems, one must rule out short sales and assume that the measure of entering agents is finite. However, if one wants to include unlimited short sales in the analysis, consider a finite agent model where infinite pyramid schemes cannot be reached.
- Subjects
ECONOMIC equilibrium; FEASIBILITY studies; SHORT selling (Securities); ECONOMICS; COMMERCE; ECONOMETRICS
- Publication
Econometrica, 1998, Vol 66, Issue 5, p1231
- ISSN
0012-9682
- Publication type
Article
- DOI
10.2307/2999636