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A law of scarcity for games

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Author Info

  • Alexander Kovalenkov
  • Myrna H. Wooders

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://www.economics.utoronto.ca/public/workingPapers/UT-ECIPA-MWOODERS-00-05.pdf
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Bibliographic 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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References

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  1. Crawford, Vincent P & Knoer, Elsie Marie, 1981. "Job Matching with Heterogeneous Firms and Workers," Econometrica, Econometric Society, vol. 49(2), pages 437-50, March.
  2. Scotchmer, S. & Wooders, M.H., 1988. "Monotonicity in games that Exhaust Gains to Scale," Papers 525, Stanford - Institute for Thoretical Economics.
  3. Wooders, Myrna Holtz, 1983. "The epsilon core of a large replica game," Journal of Mathematical Economics, Elsevier, vol. 11(3), pages 277-300, July.
  4. Alexander Kovalenkov & Myrna Holtz Wooders, 1997. "An explicit bound on," Working Papers mwooders-98-04, University of Toronto, Department of Economics.
  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.
  6. 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.
  7. 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.
  8. 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.
  9. Epstein, Larry G, 1981. "Generalized Duality and Integrability," Econometrica, Econometric Society, vol. 49(3), pages 655-78, May.
  10. 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.
  11. Wooders, Myrna Holtz, 1994. "Equivalence of Games and Markets," Econometrica, Econometric Society, vol. 62(5), pages 1141-60, September.
  12. 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.
  13. Greg Engl & Suzanne Scotchmer, 1997. "The law of supply in games, markets and matching models (*)," Economic Theory, Springer, vol. 9(3), pages 539-550.
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Citations

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Cited by:
  1. Myrna Wooders, 2009. "Market Games and Clubs," Vanderbilt University Department of Economics Working Papers 0919, Vanderbilt University Department of Economics.
  2. 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.
  3. Myrna Wooders & Edward Cartwright, 2001. "On the theory of equalizing differences Increasing abundances of types of workers may increase their earnings," Economics Bulletin, AccessEcon, vol. 4(4), pages 1-10.
  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.

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