Imperfect communication in markets: a big world problem

Abstract: 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. (...)

Keywords: market; economy (search for similar items in EconPapers)
Date: 1980-04
Note: View the original document on HAL open archive server: https://hal.science/hal-01533674
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Published in [Research Report] Institut de mathématiques économiques (IME). 1980, 9 p., bibliographie

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