Comment on Mclennan and Sonnenschein "Sequential Bargaining as a Noncooperative Foundation for Walrasian Equilibrium"

Two important articles in the literature on decentralized strategic markets are Gale (1986) and McLennan and Sonnenschein (1991). McLennan and Sonnenschein (1991) claim to have generalized Gale (1986) in several respects. In doing so, they introduce mainly two modifications: 1. unbounded short sales...

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Bibliographic Details
Published in:	Econometrica Vol. 66; no. 5; pp. 1231 - 1233
Main Authors:	Dagan, Nir, Serrano, Roberto, Volij, Oscar
Format:	Journal Article
Language:	English
Published:	Menasha, Wis Econometric Society 01-09-1998 George Banta Pub. Co. for the Econometric Society Blackwell Publishing Ltd
Subjects:	Bargaining Econometrics Economic agents Economic models Economic theory Equilibrium Expected utility Feasibility Health care economics Market economies Notes and Comments Short sales Trade Transponders Utility functions
Online Access:	Get full text
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Summary:	Two important articles in the literature on decentralized strategic markets are Gale (1986) and McLennan and Sonnenschein (1991). McLennan and Sonnenschein (1991) claim to have generalized Gale (1986) in several respects. In doing so, they introduce mainly two modifications: 1. unbounded short sales are allowed, and 2. agents do not observe their trading partner's characteristics.
ISSN:	0012-9682 1468-0262
DOI:	10.2307/2999636