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Strategic multilateral exchange - J. J Gabszewicz

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Strategic multilateral exchange - general equilibrium with imperfect competition
J. J Gabszewicz
Edward Elgar Publishing
UK Publication Date

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.

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Jean J. Gabszewicz, Professor of Economics, Catholic University of Louvain, Belgium

'This elegant and enjoyable book describes the theory of imperfect competition in an explicitly general-equilibrium framework. . . The main strength of the book is that it provides a coherent and precise narrative of developments in two theoretical areas to which the author has made important contributions. . . The writing has an elegiac quality. The author contrasts the "Golden Sixties", when "general equilibrium theory was superbly flourishing" with the present, "much darker period for this field of microeconomic theory". The elegant and deep results described here will give the reader a sense of the mood of the period as well as the intellectual accomplishments.'
Douglas Gale, Journal of Economic Literature

'To non-economists, it is hard to understand why economists spend so much effort on the competitive model whereas the world seems to be replete with large and powerful economic actors. In this respect, Jean Gabszewicz is atypical: he has spent most of his research time working on imperfectly competitive markets. However, instead of restricting himself to partial equilibrium analyses, he has tackled from the outset the problem of imperfect competition in a system of interrelated markets with the aim of studying how market power is spread throughout the whole system. This is one of the most challenging and fascinating tasks that economists face. But this is also a very hard one, and may explain why so few have tried. This book builds on the seminal contributions of Cournot and Edgeworth and does not intend to provide a full-fledged answer to the many questions raised by the general theory of imperfect competition. However, by presenting in a transparent way most of the problems that lie at the roots of imperfect competition in general equilibrium and by proposing various elegant solutions, it paves the way to any future research in the field. No doubt it will become a basic reference in the long run. The economics profession should thank Jean Gabszewicz for a fresh and daring way of looking at market power.'
Jacques Thisse, Universit Catholique de Louvain, Belgium and cole Nationale des Ponts et Chausses, France

Keyword Index
Competition, Imperfect.|Equilibrium (Economics)
Country of Publication
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