Accession Number:

AD0609648

Title:

VALUES OF LARGE GAMES-VII: A GENERAL EXCHANGE ECONOMY WITH MONEY,

Descriptive Note:

Corporate Author:

RAND CORP SANTA MONICA CALIF

Personal Author(s):

Report Date:

1964-12-01

Pagination or Media Count:

20.0

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.

Subject Categories:

Distribution Statement:

APPROVED FOR PUBLIC RELEASE