@article{849bce3b68dc49f9bdca34604b604a04,
title = "On the efficiency of fixed price equilibrium",
abstract = "We study the efficiency properties of K-equilibrium, a species of fixed price equilibrium. In particular, we examine the interrelations among K-equilibria and two of its properties: order and voluntariness. We also consider several alternative concepts of optimality.",
author = "Maskin, {Eric S.} and Jean Tirole",
note = "Funding Information: * This research was supported by the National Science Foundation and the British Social Science Research Council. We thank J. P. Benassy, I. M. Grandmont, R. Guesnerie, F. Hahn, and Y. You&s for helpful comments. {\textquoteright} The concept of K-equilibrium is due to Grandmont ]3]. It embraces both the DrPze j2] and Benassy [ 1 ] equilibrium concepts if preferences are convex. Copyright: Copyright 2014 Elsevier B.V., All rights reserved.",
year = "1984",
month = apr,
doi = "10.1016/0022-0531(84)90057-7",
language = "English (US)",
volume = "32",
pages = "317--327",
journal = "Journal of Economic Theory",
issn = "0022-0531",
publisher = "Academic Press Inc.",
number = "2",
}