THE 'VALUE OF THE GAME' AS A TOOL IN THEORETICAL ECONOMICS
RAND CORP SANTA MONICA CA
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The value is a solution concept for cooperative n-person games that gives for each player, an unbiased measure of his expected marginal worth to a coalition formed at random. In this paper, several games based on very simple economic models dealing with ownership, production, and exchange will be formulated and solved for their values. These examples have been selected more for their methodology than their economics from a dozen or so comparable economic games treated in recent papers.
- Economics and Cost Analysis
- Statistics and Probability