On the efficiency of fixed price equilibrium |
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| Authors: | Eric S Maskin Jean Tirole |
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| Affiliation: | Department of Economics, Massachusetts Institute of Technology, Cambridge, Massachusetts 02139 USA;Ecole Nationale des Ponts et Chaussées, 28 Rue des Saints Pères, 75007 Paris, France |
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| Abstract: | ![]()
We study the efficiency properties of K-equilibrium, a species of fixed price equilibrium. In particular, we examine the interrelations among K-equilibria and two of its properties: order and voluntariness. We also consider several alternative concepts of optimality. |
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