• Willy Spanjers
Part of the Theory and Decision Library book series (TDLC, volume 15)


In the previous chapters we have found that it is hard to obtain somewhat general results on existence of equilibrium when we consider (refinements of) subgame perfect equilibrium. In Chapter 3 and Chapter 4 we have found that it is not possible to prove the existence of equilibrium in economies with hierarchical trees for rather well-behaved institutional characteristics. In Chapter 3, the main problem is that the top agent may be forced to trade in the case of mono pricing. In Chapter 4 the existence proof with respect to bid and ask prices breaks down for economies with more than 2 commodities. The choice correspondences of the agents may fail to satisfy the required continuity properties.


Equilibrium Price Institutional Characteristic Subgame Perfect Equilibrium Initial Endowment Hierarchical Tree 
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Copyright information

© Springer Science+Business Media Dordrecht 1997

Authors and Affiliations

  • Willy Spanjers
    • 1
  1. 1.University of SaarlandSaarbrückenGermany

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