Accession Number : AD0429720


Title :   VALUES OF LARGE MARKET GAMES. STATUS OF THE PROBLEM,


Corporate Author : RAND CORP SANTA MONICA CALIF


Personal Author(s) : Shapley,Lloyd S.


Report Date : FEB 1964


Pagination or Media Count : 18


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)


Descriptors :   (*ECONOMICS, GAME THEORY), MATHEMATICAL MODELS, MATHEMATICAL LOGIC


Distribution Statement : APPROVED FOR PUBLIC RELEASE