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Rapport (Rapport De Recherche) Année : 1980

Imperfect communication in markets : a big world problem

Résumé

This paper examines the problem of markets where not all individuals are in contact with each other. The nature of the communication structure in a market is rarely made explicit in standard economic analysis although a structure is implicitly assumed in the description of the model. To take as an example the general equilibrium model of exchange, it is clear that in such a model each individual must receive price signals. Hence a structure which would correspond to the Walrasian description would be one in which each agent was in contact with a central auctioneer. Thus viewing the agents as nodes in a graph and denoting contact or communication between two individuals by an arc, the Walrasian model would correspond to a star-shaped graph. (...)

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Dates et versions

hal-01533674 , version 1 (06-06-2017)

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  • HAL Id : hal-01533674 , version 1

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Alan Kirman. Imperfect communication in markets : a big world problem. [Research Report] Institut de mathématiques économiques (IME). 1980, 9 p., bibliographie. ⟨hal-01533674⟩
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