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Titles in the Series V. I. Danilov and A. 1. Sotskov Social Choice Mechanisms VI, 191 pages. 2002. ISBN 3-540-43105-5

B. Dutta and M. o. Jackson (Eds.) Networks and Groups VIII, 496 pages. 2003. ISBN 3-540-43113-6 (in preparation)

Tatsuro Ichiishi Thomas Marschak Editors

Markets, Games, and Organizations Essays in Honor of Roy Radner With 9 Figures and 28 Tables

,

Springer

Professor Tatsuro Ichiishi The Ohio State University Department of Economics 1945 North High Street Columbus, Ohio 43210-1172, USA Email: [email protected] Professor Thomas Marschak University of California Haas School of Business Berkeley, CA 94720, USA

First published in "Review of Economic Design, Volume 6, Issue 2,3,4,2001

ISBN 978-3-642-53465-2 ISBN 978-3-540-24784-5 (eBook) DOI 10.1007/978-3-540-24784-5 Library of Congress Cataloging-in-Publication Data applied for Die Deutsche Bibliothek - CIP-Einheitsaufnahme Markets, Games, and Organizations: Essays in Honor of Roy Radner / Ed.: Tatsuro Ichiishi, Thomas Marschak. Berlin; Heidelberg; New York; Barcelona; Hong Kong; London; Milan; Paris; Tokyo: Springer, 2002 (Studies in Economic Design) ISBN 978-3-642-53465-2 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9,1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law. Springer-Verlag Berlin Heidelberg New York a member of BertelsmannSpringer Science + Business Media GmbH http://www.springer.de © Springer-Verlag Berlin Heidelberg 2003 Softcover reprint of the hardcover 1st edition 2003 The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: Erich Kirchner, Heidelberg SPIN 10886149

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Table of Contents

Introduction ................................................... . On characterizing the probability of survival in a large competitive economy Rabi N. Bhattacharya, Mukul Majumdar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7

Uniqueness of Arrow-Debreu and Arrow-Radner equilibrium when utilities are additively separable Rose-Anne Dana . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 29 Entry, productivity, and investment Kenneth 1. Arrow. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 49 A model