VALUES OF LARGE GAMES-VII: A GENERAL EXCHANGE ECONOMY WITH MONEY,
Abstract
This memorandum concerns an application of the mathematical theory of games to a central problem in theoretical economics. It is one of a series dealing with the techniques of evaluating games with many players. It is shown that the 'Shapley value' solution of a certain general class of competitive markets, regarded as multiperson games, converges to the classical 'competitive equilibrium' solution when the set of traders in the market is expanded homogeneously.
Document Details
- Document Type
- Technical Report
- Publication Date
- Dec 01, 1964
- Accession Number
- AD0609648
Entities
People
- Lloyd Shapley
Organizations
- RAND Corporation