VALUES OF LARGE MARKET GAMES. STATUS OF THE PROBLEM,
Abstract
Several models of exchange economies with many participants are discussed, in which the gametheoretic value either coincides with, or converges to, the classical Walrasian solution based on price equilibrium. A connection is thereby indicated between fair division (in a collusive world) and free competition (in a non-collusive world). The discussion is informal, but tech nical. The relevant mathematical models, both game-theoretic and economic, are detailed in two Appendices. (Author)
Document Details
- Document Type
- Technical Report
- Publication Date
- Feb 01, 1964
- Accession Number
- AD0429720
Entities
People
- Lloyd Shapley
Organizations
- RAND Corporation