Hierarchically Structured Economies

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Focusing on micro-economic models, this book explores bilateral exchange institutions within hierarchically structured economies. It addresses the challenge of equilibrium existence in these models and discusses the application of subgame perfect equilibrium. The author introduces a modified concept of this equilibrium to establish a general theorem regarding its existence in such economies. Additionally, it highlights how well-known market forms, including Walrasian and monopolistic markets, emerge as special cases within this framework.