Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
957148 | Journal of Economic Theory | 2006 | 32 Pages |
Abstract
We characterize Markovian equilibria for finite and infinite horizon versions of the model and show that the stationary infinite horizon version of the model possesses an efficient equilibrium where all the sellers receive an equilibrium payoff equal to their marginal contribution to the social welfare.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Dirk Bergemann, Juuso Välimäki,