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At a Nash–Walras equilibrium, individuals exchange commodities competitively, and, simultaneously, they interact strategically. Under standard assumptions, Nash–Walras equilibria exist; equilibrium profiles of actions are, typically, determinate but pareto suboptimal, though not constrained pareto suboptimal: a transfer of revenue need not suffice for a pareto improvement in welfare.
|Glasgow Author(s) Enlighten ID:||Ghosal, Professor Sayantan|
|Authors:||Ghosal, S., and Polemarchakis, H.M.|
|College/School:||College of Social Sciences > Adam Smith Business School > Economics|
|Journal Name:||Research in Economics|