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A law of scarcity for games

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Author Info
Alexander Kovalenkov
Myrna H. Wooders

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Abstract

The "law of scarcity" is that scarceness is rewarded; recall, for example, the diamonds and water paradox. In this paper, furthering research initiated in Kelso and Crawford (1982, Econometrica 50, 1483-1504) for matching models, we demonstrate a law of scarcity for cores and approximate cores of games.

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File URL: http://repec.economics.utoronto.ca/files/UT-ECIPA-MWOODERS-00-05.pdf
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Publisher Info
Paper provided by University of Toronto, Department of Economics in its series Working Papers with number mwooders-00-05.

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Length: 15 pages
Date of creation: 11 Dec 1999
Date of revision:
Handle: RePEc:tor:tecipa:mwooders-00-05

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Related research
Keywords: cooperative games; games with side payments (TU games); cyclic monotonicity; law of demand; approximate cores; effective small groups; parameterized collections of games.;

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Find related papers by JEL classification:
C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
D7 - Microeconomics - - Analysis of Collective Decision-Making

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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. [Downloadable!] (restricted)
  2. Wooders, Myrna Holtz, 1992. "Inessentiality of Large Groups and the Approximate Core Property: An Equivalence Theorem," Economic Theory, Springer, vol. 2(1), pages 129-47, January.
  3. Greg Engl & Suzanne Scotchmer, 1997. "The law of supply in games, markets and matching models (*)," Economic Theory, Springer, vol. 9(3), pages 539-550.
  4. Wooders, Myrna Holtz, 1994. "Equivalence of Games and Markets," Econometrica, Econometric Society, vol. 62(5), pages 1141-60, September. [Downloadable!] (restricted)
  5. Kovalenkov, Alexander & Wooders, Myrna Holtz, 1999. "Approximate Cores Of Games And Economies With Clubs," The Warwick Economics Research Paper Series (TWERPS) 535, University of Warwick, Department of Economics. [Downloadable!]
    Other versions:
  6. Scotchmer, S. & Wooders, M.H., 1988. "Monotonicity in games that Exhaust Gains to Scale," Papers 525, Stanford - Institute for Thoretical Economics.
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  7. Wooders, Myrna Holtz & Zame, William R., 1987. "Large games: Fair and stable outcomes," Journal of Economic Theory, Elsevier, vol. 42(1), pages 59-93, June. [Downloadable!] (restricted)
  8. Alexander Kovalenkov & Myrna Holtz Wooders, 1997. "An explicit bound on," Working Papers mwooders-98-04, University of Toronto, Department of Economics. [Downloadable!]
  9. Kelso, Alexander S, Jr & Crawford, Vincent P, 1982. "Job Matching, Coalition Formation, and Gross Substitutes," Econometrica, Econometric Society, vol. 50(6), pages 1483-1504, November. [Downloadable!] (restricted)
  10. Epstein, Larry G, 1981. "Generalized Duality and Integrability," Econometrica, Econometric Society, vol. 49(3), pages 655-78, May. [Downloadable!] (restricted)
  11. Crawford, Vincent P & Knoer, Elsie Marie, 1981. "Job Matching with Heterogeneous Firms and Workers," Econometrica, Econometric Society, vol. 49(2), pages 437-50, March. [Downloadable!] (restricted)
  12. Suzanne Scotchmer and Greg Engl., 1992. "The Core and the Hedonic Core: Equivalence and Comparative Statics," Economics Working Papers 92-197, University of California at Berkeley.
  13. Wooders, Myrna Holtz, 1983. "The epsilon core of a large replica game," Journal of Mathematical Economics, Elsevier, vol. 11(3), pages 277-300, July. [Downloadable!] (restricted)
  14. Roth, Alvin E, 1984. "The Evolution of the Labor Market for Medical Interns and Residents: A Case Study in Game Theory," Journal of Political Economy, University of Chicago Press, vol. 92(6), pages 991-1016, December. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Edward Cartwright & Myrna Wooders, 2001. "On the theory of equalizing differences; Increasing abundances of types of workers may increase their earnings," Economics Bulletin, Economics Bulletin, vol. 4, pages 1-10. [Downloadable!]
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