Harsanyi Values of Large Economies:
Non-Equivalence to Competitive Equilibria
Sergiu Hart and Andreu Mas-Colell
We consider economies with many agents, and compare the competitive
equilibria and the value allocations of the resulting coalitional games.
In particular, we provide a (smooth and robust) example where the
"value principle" does not hold for the Harsanyi NTU-value: there is
a unique competitive equilibrium, which however does not belong to
the (nonempty) set of Harsanyi value allocations.
Journal of Economic Literature
Classification Numbers: C71, D51
Games and Economic Behavior 13 (1996), 1, 74-99