Hierarchically Structured Economies formatIsbn:Hardcover - 9780792343981 held in Elba

held in Elba

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Hierarchically Structured Economies formatIsbn:Hardcover - 9780792343981 held in ElbaIn six chapters this book introduces a micro economic model where trade takes place through a stable structure of bilateral exchange institutions. The main problem in such models is that, for well known equilibrium concepts, equilibrium may fail to exist in the corresponding game. In this work an adaptation of such models hierarchically structured economies is introduced. The possibilities and limitations of the use of the concept of subgame perfect