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...

It is shown here that market crashes and bubbles can arise without external shocks. Sudden changes in behavior may be the result of endogenous information processing. Except for the daily observation of the market, there is no new information, no communication and no coordination between the...

This volume collects almost two decades of joint work of Sergiu Hart and Andreu Mas-Colell on game dynamics and equilibria. The starting point was the introduction of the adaptive strategy called <i>regret-matching</i>, which on the one hand is simple and natural, and on the other is shown to lead to...