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A law of scarcity for games

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  • Kovalenkov, Alexander
  • Wooders, Myrna Holtz

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://www2.warwick.ac.uk/fac/soc/economics/research/workingpapers/2008/twerp546rev.pdf
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Bibliographic Info

Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 546.

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Length: 15 pages
Date of creation: 1999
Date of revision:
Handle: RePEc:wrk:warwec:546

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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. Wooders, Myrna Holtz, 1994. "Equivalence of Games and Markets," Econometrica, Econometric Society, vol. 62(5), pages 1141-60, September.
  2. Kovalenkov, Alexander & Wooders, Myrna, 2003. "Approximate cores of games and economies with clubs," Journal of Economic Theory, Elsevier, vol. 110(1), pages 87-120, May.
  3. 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.
  4. 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.
  5. 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.
  6. Alexander Kovalenkov & Myrna Holtz Wooders, 1997. "An explicit bound on," Working Papers mwooders-98-04, University of Toronto, Department of Economics.
  7. 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.
  8. Wooders, Myrna Holtz, 1983. "The epsilon core of a large replica game," Journal of Mathematical Economics, Elsevier, vol. 11(3), pages 277-300, July.
  9. 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.
  10. Epstein, Larry G, 1981. "Generalized Duality and Integrability," Econometrica, Econometric Society, vol. 49(3), pages 655-78, May.
  11. Greg Engl & Suzanne Scotchmer, 1997. "The law of supply in games, markets and matching models (*)," Economic Theory, Springer, vol. 9(3), pages 539-550.
  12. Scotchmer, S. & Wooders, M.H., 1988. "Monotonicity in games that Exhaust Gains to Scale," Papers 525, Stanford - Institute for Thoretical Economics.
  13. Crawford, Vincent P & Knoer, Elsie Marie, 1981. "Job Matching with Heterogeneous Firms and Workers," Econometrica, Econometric Society, vol. 49(2), pages 437-50, March.
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Cited by:
  1. Wooders, Myrna, 2008. "Market games and clubs," MPRA Paper 33968, University Library of Munich, Germany, revised Dec 2010.
  2. 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.
  3. 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.
  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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