The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: May, 1978, Volume 46, Issue 3
https://doi.org/0012-9682(197805)46:3<577:CE>2.0.CO;2-3
p. 577-585
Robert Wilson
In this paper the process of exchange is formulated as a noncooperative game. The game is analogous to the familiar institution of competitive bidding in a sealed-tender auction in which one agent (the auctioneer) chooses among trades offered by the other agents (the bidders). Using various regularity assumptions it is shown that this noncooperative game has a Nash equilibrium which yields an allocation in the core of the corresponding cooperative game of exchange. Also, as the bidders are replicated by division this allocation (aggregated by types) converges to a Walrasian allocation in which each type's budget constraint (using the efficiency prices) is satisfied. Thus it appears that bidding is a competitive process for achieving a cooperative outcome, and in the limit, a market outcome.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
