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A Demand Adjustment Process

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Author Info

  • Elaine Bennett

    (UCLA)

  • William Zame

    (UCLA)

  • Michael Maschler

    (Hebrew University of Jerusalem)

Abstract

The aspiration approach to cooperative games, which has been studied by a number of authors, including Cross, Turbay, Albers, Selten and Bennett, presumes that players in a game bargain over their reservation prices, or aspirations. A number of aspiration-based solution concepts have been put forth, and aspiration solutions have been connected to non-cooperative bargaining models. Missing in this approach has been theory of how aspirations themselves arise. The present paper is an attempt to fill this gap. It describes a very general demand adjustment process, using the framework of set-valued dynamical systems developed by Maschler and Peleg. This demand adjustment process always converges; sufficient conditions are given in order that it converge to an aspiration, and that it converge in a finite number of steps.

(This abstract was borrowed from another version of this item.)

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Bibliographic Info

Paper provided by UCLA Department of Economics in its series UCLA Economics Working Papers with number 724.

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Date of creation: 01 Nov 1994
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Handle: RePEc:cla:uclawp:724

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Web page: http://www.econ.ucla.edu/

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  1. Bennett, Elaine & Wooders, Myrna, 1979. "Income distribution and firm formation," Journal of Comparative Economics, Elsevier, vol. 3(3), pages 304-317, September.
  2. Sharkey, W.W., 1993. "A Characterization of Some Aspiration Solutions with an Application to Spatial Games," Papers 95, Bell Communications - Economic Research Group.
  3. Moldovanu, Benny & Eyal Winter, 1993. "Core Implementation and Increasing Returns to Scale for Cooperation," Discussion Paper Serie B 289, University of Bonn, Germany.
  4. Bennett, Elaine & Zame, William R, 1988. "Bargaining in Cooperative Games," International Journal of Game Theory, Springer, vol. 17(4), pages 279-300.
  5. Engl, Greg & Scotchmer, Suzanne, 1996. "The core and the hedonic core: Equivalence and comparative statics," Journal of Mathematical Economics, Elsevier, vol. 26(2), pages 209-248.
  6. Benny Moldovanu & Eyal Winter, 1990. "Consistent demands for coalition formation in NTU games," Discussion Paper Serie B 147, University of Bonn, Germany.
  7. Elaine Bennett, 1986. "Multilateral Bargaining Problems," UCLA Economics Working Papers 594, UCLA Department of Economics.
  8. Moulin, H, 1990. "Cores and Large Cores When Population Varies," International Journal of Game Theory, Springer, vol. 19(2), pages 219-32.
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Cited by:
  1. Gerard van der Laan & Vitaly Pruzhansky, 2004. "Demand Adjustment in Coalitional Games," Tinbergen Institute Discussion Papers 04-121/1, Tinbergen Institute.

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