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The law of supply in games, markets and matching models (*)

Author

Listed:
  • Greg Engl

    (Allstate Insurance Company, 51 W. Higgins Road, S. Barrington, IL 60010, USA)

  • Suzanne Scotchmer

    (Department of Economics and Graduate School of Public Policy, University of California, Berkeley, CA, 94720 USA)

Abstract

In large games with transferable utility, core payoffs satisfy a comparative statics property: If the proportion of one type of player increases, then the core payoff to that type of player decreases (does not increase). Markets with transferable utility satisfy a similar property: if the aggregate supply of a commodity increases, its value relative to the value of all commodities decreases. In market games, if one type of agent becomes more plentiful, his competitive payoff falls, and its decrease is engineered by a decrease in the relative value of his endowment.

Suggested Citation

  • Greg Engl & Suzanne Scotchmer, 1997. "The law of supply in games, markets and matching models (*)," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 9(3), pages 539-550.
    • Handle: RePEc:spr:joecth:v:9:y:1997:i:3:p:539-550
    Note: Received: November 2, 1994; revised version November 18, 1995
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    Citations

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    Cited by:

    1. Ellickson, Bryan & Grodal, Birgit & Scotchmer, Suzanne & Zame, William R., 2001. "Clubs and the Market: Large Finite Economies," Journal of Economic Theory, Elsevier, vol. 101(1), pages 40-77, November.
    2. Bryan Ellickson and Birgit Grodal, Suzanne Scotchmer, and William R. Zame., 1997. "Clubs and the Market: Continuum Economies," Economics Working Papers 97-254, University of California at Berkeley.
    3. Kovalenkov, Alexander & Wooders, Myrna Holtz, 1999. "A law of scarcity for games," Economic Research Papers 269297, University of Warwick - Department of Economics.
    4. Scotchmer, Suzanne, 2002. "The core and hedonic core: reply to Wooders (2001), with counterexamples," Journal of Mathematical Economics, Elsevier, vol. 37(4), pages 341-353, July.
    5. Wooders, Myrna H., 2001. "Some corrections to claims about the literature in Engl and Scotchmer (1996)," Journal of Mathematical Economics, Elsevier, vol. 36(4), pages 295-309, December.
    6. Scotchmer, Suzanne, 1997. "On price-taking equilibria in club economies with nonanonymous crowding," Journal of Public Economics, Elsevier, vol. 65(1), pages 75-88, July.

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