G2TT
来源类型Discussion paper
规范类型论文
来源IDDP10641
DP10641 Gale-Nikaido-Debreu and Milgrom-Shannon: Market Interactions with Endogenous Community Structures
Shlomo Weber
发表日期2015-05-31
出版年2015
语种英语
摘要This paper examines a model of market interactions with a continuum of agents whose characteristics are distributed over the unidimensional interval. The society is endogenously partitioned into several communities, whose members are engaged in costly market interactions. The interaction or communication costs between every pair of agents depend on their identity and the size and composition of community to which they belong. By using the celebrated Gale-Nikaido-Debreu Lemma and invoking the Kantorovich continuity over agents' distributions, we prove that there exists a partition of the society into a given number of connected intervals which satisfies the Border Indifference Property (BIP). Namely, individuals on the border of each community are indifferent between joining either of the adjacent communities. We demonstrate that while BIP does not, in general, yield Nash equilibria, the equilibrium existence is erescued under the Milgrom-Shannon (1994) monotone comparative statics conditions.
主题Public Economics
关键词Nash stability Continuity Increasing differences Monotonicity Group formation Market interactions
URLhttps://cepr.org/publications/dp10641
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/539473
推荐引用方式
GB/T 7714
Shlomo Weber. DP10641 Gale-Nikaido-Debreu and Milgrom-Shannon: Market Interactions with Endogenous Community Structures. 2015.
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