Accession Number:

AD0429720

Title:

VALUES OF LARGE MARKET GAMES. STATUS OF THE PROBLEM,

Descriptive Note:

Corporate Author:

RAND CORP SANTA MONICA CALIF

Personal Author(s):

Report Date:

1964-02-01

Pagination or Media Count:

18.0

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

Subject Categories:

Distribution Statement:

APPROVED FOR PUBLIC RELEASE