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OverviewIn six chapters this text 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. Full Product DetailsAuthor: Willy SpanjersPublisher: Springer Imprint: Springer Edition: 1997 ed. Volume: 15 Dimensions: Width: 15.50cm , Height: 1.20cm , Length: 23.50cm Weight: 0.990kg ISBN: 9780792343981ISBN 10: 0792343980 Pages: 182 Publication Date: 28 February 1997 Audience: Professional and scholarly , Professional & Vocational Format: Hardback Publisher's Status: Active Availability: In Print  This item will be ordered in for you from one of our suppliers. Upon receipt, we will promptly dispatch it out to you. For in store availability, please contact us. Table of Contents1. Introduction. 2. Hierarchically Structured Exchange Economies. 3. Mono Pricing in Hierarchical Trees. 4. Bid and Ask Prices in Hierarchical Trees. 5. Arbitrage. 6. Hierarchies. A. Mathematical Appendix. B. Equilibrium Concepts. References. Index of Authors. Index of Subjects.ReviewsAuthor InformationTab Content 6Author Website:Countries AvailableAll regions |
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