Citation:
Mas-Colell, S. H., & Andreu, . (1993). Harsanyi Values of Large Economies: Non-Equivalence to Competitive Equilibria. Discussion Papers. presented at the 2, Games and Economic Behavior 13 (1996), 74-99. Retrieved from /files/ harsa.html
Abstract:
We consider the relations between the competitive equilibria in economies with many agents and the value allocations of the resulting coalition games. In particular, we provide a (smooth and robust) example where the "value principle" does not hold for the Harsanyi NTU-value: there is a unique competitive equilibrium, which however does not belong to the (non-empty) set of Harsanyi value allocations.