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Equivalence of Games and Markets

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Author Info
Wooders, Myrna Holtz

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Abstract

The author proves an equivalence between large games with effective small groups of players and games generated by markets. Small groups are effective if all or almost all gains to collective activities can be achieved by groups bounded in size of membership. A market is an exchange economy where all participants have concave, quasi-linear payoff functions. The market approximating a game is socially homogeneous--all participants have the same monotonic nondecreasing, and 1-homogeneous payoff function. The author's results imply that any market (more generally, any economy with effective small groups) can be approximated by a socially homogeneous market. Copyright 1994 by The Econometric Society.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 62 (1994)
Issue (Month): 5 (September)
Pages: 1141-60
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Handle: RePEc:ecm:emetrp:v:62:y:1994:i:5:p:1141-60

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  1. Heckman, James & Matzkin, Rosa & Nesheim, Lars, 2003. "Simulation and Estimation of Hedonic Models," CESifo Working Paper Series CESifo Working Paper No. , CESifo Group Munich. [Downloadable!]
    Other versions:
  2. Edward Cartwright & Myrna Wooders, 2009. "On equilibrium in pure strategies in games with many players," International Journal of Game Theory, Springer, vol. 38(1), pages 137-153, March. [Downloadable!] (restricted)
    Other versions:
  3. James J. Heckman & Rosa Matzkin & Lars Nesheim, 2003. "Simulation and Estimation of Nonaddative Hedonic Models," NBER Working Papers 9895, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Wooders, Myrna & Edward Cartwright & Selten, Reinhard, 2002. "Social Conformity And Equilibrium In Pure Strategies In Games With Many Players," The Warwick Economics Research Paper Series (TWERPS) 636, University of Warwick, Department of Economics. [Downloadable!]
  5. Kovalenkov, Alexander & Wooders, Myrna Holtz, 2002. "Approximate Cores Of Games And Economies With Clubs," The Warwick Economics Research Paper Series (TWERPS) 634, University of Warwick, Department of Economics. [Downloadable!]
    Other versions:
  6. Alexander Kovalenkov & Myrna Holtz Wooders, 1997. "An explicit bound on," Working Papers mwooders-98-04, University of Toronto, Department of Economics. [Downloadable!]
  7. John P. Conley & Myrna Holtz Wooders, 1998. "The Tiebout Hypothesis: On the Existence of Pareto Efficient Competitive Equilibrium," Working Papers mwooders-98-06, University of Toronto, Department of Economics. [Downloadable!]
  8. Wooders, M. & Selten, R. & Cartwright, E., 2001. "Some First Results for Noncooperative Pregames : Social Conformity and Equilibrium in Pure Strategies," The Warwick Economics Research Paper Series (TWERPS) 589, University of Warwick, Department of Economics. [Downloadable!]
  9. Kovalenkov, Alexander & Wooders, Myrna, 2002. "Advances In The Theory Of Large Cooperative Games And Applications To Club Theory : The Side Payments Case," The Warwick Economics Research Paper Series (TWERPS) 641, University of Warwick, Department of Economics. [Downloadable!]
  10. Meseguer-Artola, Antoni & Wooders, Myrna Holtz & Martinez-Legaz, Juan-Enrique, 2003. "Representing Games As Coalition Production Economies With Public Goods," The Warwick Economics Research Paper Series (TWERPS) 669, University of Warwick, Department of Economics. [Downloadable!]
  11. Allouch, Nizar & Wooders, Myrna, 2002. "Competitive Pricing In Socially Networked Economies," The Warwick Economics Research Paper Series (TWERPS) 639, University of Warwick, Department of Economics. [Downloadable!]
  12. Nizar Allouch & Myrna Wooders, 2004. "Price taking equilibrium in club economies with multiple memberships and unbounded club sizes," Cahiers de la Maison des Sciences Economiques b04109, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
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  13. Sun, N. & Trockel, W. & Yang, Z., 2004. "Competitive outcomes and endogenous coalition formation in an n-person game," Discussion Paper 93, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  14. Alexander Kovalenkov & Myrna Holtz Wooders, 1997. "An explicit bound on e for non-emptiness of the e-core of an arbitrary game with side payments," Working Papers mwooders-98-05, University of Toronto, Department of Economics. [Downloadable!]
  15. Kovalenkov, Alexander & Wooders, Myrna Holtz, 1999. "A law of scarcity for games," The Warwick Economics Research Paper Series (TWERPS) 546, University of Warwick, Department of Economics. [Downloadable!]
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  16. Nizar Allouch & John P. Conley & Myrna Wooders, 2008. "Anonymous Price Taking Equilibrium in Tiebout Economies with a Continuum of Agents; Existence and Characterization," Working Papers 0811, Department of Economics, Vanderbilt University. [Downloadable!]
  17. Alexander Kovalenkovy & Wooders, Myrna Holtz, 1999. "Epsilon cores of games and economies with limited side payments," The Warwick Economics Research Paper Series (TWERPS) 536, University of Warwick, Department of Economics. [Downloadable!]
    Other versions:
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