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Decentralized dynamics and equitable core selection in assignment games

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  • H Peyton Young
  • Heinrich H. Nax
  • Bary S.R. Pradelski
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    Abstract

    We study decentralized assignment games where many agents interact anonymously at virtually no cost.� Very little information is available and trade takes place at many different prices simultaneously.� We propose a completely uncoupled learning process that leads to equitable core outcomes characterized by the least core.� Agents randomly encounter other agents, make bids and offers for potential partnerships and match if the partnerships are profitable.� This process leads to equitable core allocations even though agents have no knowledge of other agents' strategies, payoffs, or the structure of the game, and there is no central authority with such knowledge either.� Equity is favored because it is more stable, not because of any ex ante fairness criterion.

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    File URL: http://www.economics.ox.ac.uk/materials/papers/12040/paper607.pdf
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    Bibliographic Info

    Paper provided by University of Oxford, Department of Economics in its series Economics Series Working Papers with number 607.

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    Date of creation: 01 Jun 2012
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    Handle: RePEc:oxf:wpaper:607

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    Related research

    Keywords: Assignment games; cooperative games; core; equity; evolutionary game theory; learning; matching markets; stochastic stability;

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    1. Charness, Gary & Corominas-Bosch, Margarida & Frechette, Guillaume R., 2007. "Bargaining and network structure: An experiment," Journal of Economic Theory, Elsevier, vol. 136(1), pages 28-65, September.
    2. Arnold, Tone & Schwalbe, Ulrich, 2002. "Dynamic coalition formation and the core," Journal of Economic Behavior & Organization, Elsevier, vol. 49(3), pages 363-380, November.
    3. Newton, Jonathan, 2012. "Recontracting and stochastic stability in cooperative games," Journal of Economic Theory, Elsevier, vol. 147(1), pages 364-381.
    4. Germano, Fabrizio & Lugosi, Gabor, 2007. "Global Nash convergence of Foster and Young's regret testing," Games and Economic Behavior, Elsevier, vol. 60(1), pages 135-154, July.
    5. Sergiu Hart & Andreu Mas-Colell, 2003. "Uncoupled Dynamics Do Not Lead to Nash Equilibrium," American Economic Review, American Economic Association, vol. 93(5), pages 1830-1836, December.
    6. Alvin E. Roth & Tayfun Sönmez & M. Utku Ünver, 2004. "Kidney Exchange," The Quarterly Journal of Economics, MIT Press, vol. 119(2), pages 457-488, May.
    7. Kareen Rozen, 2008. "Conflict Leads to Cooperation in Nash Bargaining," Levine's Working Paper Archive 122247000000002086, David K. Levine.
    8. Agastya, Murali, 1997. "Adaptive Play in Multiplayer Bargaining Situations," Review of Economic Studies, Wiley Blackwell, vol. 64(3), pages 411-26, July.
    9. Agastya, Murali, 1999. "Perturbed Adaptive Dynamics in Coalition Form Games," Journal of Economic Theory, Elsevier, vol. 89(2), pages 207-233, December.
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    Cited by:
    1. Newton, Jonathan & Sawa, Ryoji, 2013. "A one-shot deviation principle for stability in matching problems," Working Papers 2013-09, University of Sydney, School of Economics, revised Mar 2014.

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