Values of Large Market Games

Sergiu Hart

(Acrobat PDF file)

Three aspects of the application of the game theoretic concept of "value" to non-atomic economies - such as markets or production - are studied: first, the relation between value and equilibria; second, the problems of existence and non-existence of value; and third, a new way of defining value for these games, in order to guarantee its existence, which leads to interesting economic interpretations.