Jean Gabszewicz's new book is devoted to the study of strategic
multilateral exchange. Contrary to the classical competitive
paradigm in which agents are assumed to behave as price takers,
here traders are allowed to consciously behave as strategic agents
who aim to influence trade to their own advantage. This is usually
done in oligopoly theory using a partial equilibrium approach while
in this case a system of interrelated markets is considered.
Primarily, the book discusses the game-theoretic concept of core
and the relationship between core and the set of price allocations
in economies embodying significant traders is explored. The author
goes on to adopt a non-cooperative approach building on the concept
of Nash equilibrium. Strategic Multilateral Exchange will be
welcomed by academics, advanced research scholars and doctoral
students with an interest in economic theory, microeconomic theory
and general equilibrium. It will also appeal to mathematical
economists with an orientation in mathematical economics and game
theory.
General
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