Universality and Efficiency of Price Mechanism based on an Expansion Possibility of Economies

Shiraishi, Kohzo; Urai, Ken; Murakami, Hiromi

Universality and Efficiency of Price Mechanism based on an Expansion Possibility of Economies

Shiraishi, Kohzo; Urai, Ken; Murakami, Hiromi

Discussion Papers In Economics And Business, 2016, 16-10, 1-9

Number of Access:449（2025-08-27 04:45 Counts）

Identifier to cite or link to this item: https://hdl.handle.net/11094/56580

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Title	Universality and Efficiency of Price Mechanism based on an Expansion Possibility of Economies
Creator	NRID 1000080513548 1000080513548 CreatorName Shiraishi, Kohzo
	NRID 1000000203597 1000000203597 researchmap permalink read0175173 read0175173 Scopus Author ID 24287014300 24287014300 CreatorName Urai, Ken
	NRID 1000080803072 1000080803072 CreatorName Murakami, Hiromi
Subject	Price Mechanism
	Axiomatic Characterization
	Informational Efficiency
	Universality
	Message Mechanism
	Cultural Globalization
Abstract	In this paper, we axiomatically characterize the universality and efficiency of price mechanism based on an expansion possibility of economic environments like trading rtunities, immigrants, agents'consumption sets through the cultural globalization, and so on. Together with some generalized settings like economy dependent message-response structure, we base our argument on the framework of Sonnenschein (1974). In Sonnenschein (1974), the price mechanism is characterized in more specific way than that of Hurwicz (1960), Mount and Reiter (1974), etc. for the informational efficiency problem. His model, however, has an dvantage to describe the universality and efficiency of the price mechanism from the category-theoretic viewpoint through the basic economic tool of the excess demand function. His approach also enables us to characterize the price mechanism through cooperative game theoretic settings like the core quivalence that is closely related to the replica stability axiom of social choice settings like Thomson (1988) and Nagahisa (1994).
Publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
Source Title	Discussion Papers In Economics And Business
Volume (Issue)	16-10
Page	1-9
Date of Issued	2016-05
Language	English
Handle URL	https://hdl.handle.net/11094/56580
NCID	AA1160366X
Relation.references	URI http://www2.econ.osaka-u.ac.jp/library/global/dp/1610.pdf
Access Rights	metadata only access
Category	ディスカッション／ワーキング・ペーパー DP/WP
Category	Discussion Papers In Economics And Business

Resource Type	technical report
Local Type	DP/WP
DCMI Type	Text
DCTERMS.bibliographicCitation	Discussion Papers In Economics And Business. 2016, 16-10, p. 1-9
DC.title	Universality and Efficiency of Price Mechanism based on an Expansion Possibility of Economies
DC.creator	Shiraishi, Kohzo
	Urai, Ken
	Murakami, Hiromi
DC.publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
DC.language' scheme='DCTERMS.RFC1766	English
DC.type' scheme='DCTERMS.DCMIType	Text
DCTERMS.issued' scheme='DCTERMS.W3CDTF	2016-05
DC.relation' scheme='DCTERMS.URI	http://www2.econ.osaka-u.ac.jp/library/global/dp/1610.pdf
DC.subject	Price Mechanism
	Axiomatic Characterization
	Informational Efficiency
	Universality
	Message Mechanism
	Cultural Globalization
DCTERMS.abstract	In this paper, we axiomatically characterize the universality and efficiency of price mechanism based on an expansion possibility of economic environments like trading rtunities, immigrants, agents'consumption sets through the cultural globalization, and so on. Together with some generalized settings like economy dependent message-response structure, we base our argument on the framework of Sonnenschein (1974). In Sonnenschein (1974), the price mechanism is characterized in more specific way than that of Hurwicz (1960), Mount and Reiter (1974), etc. for the informational efficiency problem. His model, however, has an dvantage to describe the universality and efficiency of the price mechanism from the category-theoretic viewpoint through the basic economic tool of the excess demand function. His approach also enables us to characterize the price mechanism through cooperative game theoretic settings like the core quivalence that is closely related to the replica stability axiom of social choice settings like Thomson (1988) and Nagahisa (1994).
DC.format	56580
citation_title	Universality and Efficiency of Price Mechanism based on an Expansion Possibility of Economies
citation_author	Shiraishi, Kohzo
	Urai, Ken
	Murakami, Hiromi
citation_publisher	Graduate School of Economics and Osaka School of International Public Policy (OSIPP), Osaka University
citation_language	English
citation_date	2016-05
citation_journal_title	Discussion Papers In Economics And Business
citation_volume	16-10
citation_firstpage	1
citation_lastpage	9
citation_public_url	https://hdl.handle.net/11094/56580
citation_abstract_html_url	http://www2.econ.osaka-u.ac.jp/library/global/dp/1610.pdf

Universality and Efficiency of Price Mechanism based on an Expansion Possibility of Economies

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