A Theory of Money and Financial Institutions. Part XVIII. A Noncooperative Model of a Closed Trading Economy with Many Traders and Two Bankers,
Abstract
In previous papers Shapley and Shubik have formulated a noncooperative game model of a closed trading economy where one commodity is used as a means of payment. In the present paper the existence of a noncooperative equilibrium was proved; the role of cash flow and the need for credit was examined and the relationship between the noncooperative equilibria and the competitive equilibria was illustrated.
Document Details
- Document Type
- Technical Report
- Publication Date
- Mar 19, 1974
- Accession Number
- AD0776710
Entities
People
- Martin Shubik
Organizations
- Yale University