Values of Perfectly Competitive Economies
Perfectly competitive economies are economic
models with many agents, each of whom is relatively insignificant.
This chapter studies the relations between the basic economic
concept of competitive (or Walrasian)
equilibrium and the game-theoretic solution concept of
value. It includes the classical Value
Equivalence Theorem, together with its many extensions and
generalizations, as well as recent results.
Keywords: perfect competition, value, Shapley value,
competitive equilibrium, value equivalence principle
Economic Literature Classification Numbers: C7, D5