On Shapley-Shubik Equilibria with Financial Markets

Gaël Giraud and Hubert Stahn

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Abstract: In this paper, we extend the Shapley-Shubik model to a two period financial economy, and essentially address the question of the existence of an equilibrium. More precisely, we show the existence of nice equilibria, i.e. situations in which prices for both assets and commodities are strictly positive. Even if the general lines of the proof are largely influenced by the paper of Dubey and Shubik (J Econ Theory 17:1-20, 1978), most of the arguments are new because of the financial nature of the economy. It forces us to deal with a generalized Nash equilibrium, and to proscribe the use of arguments which only work with a single cash-in-advance constraint.

Keywords: Shapley-Shubik equilibria; Strategic market games; Financial markets; Shapley-Shubik equilibria.; marchés financiers; équilibres de Shapley-Shubik.; Jeux stratégiques de marchés (search for similar items in EconPapers)
Date: 2008-06
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Citations: View citations in EconPapers (1)

Published in Economic Theory, 2008, 35 (3), pp.469-496. ⟨10.1007/s00199-007-0245-4⟩

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Journal Article: On Shapley–Shubik equilibria with financial markets (2008)
Working Paper: On Shapley-Shubik Equilibria with Financial Markets (2008)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00306459

DOI: 10.1007/s00199-007-0245-4

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