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Laws of Scarcity for a Finite Game : Exact Bounds on Estimations

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Author Info
Kovalenkov, Alexander (Department of Economics, University of North Carolina)
Wooders, Myrna (Department of Economics, University of Warwick)

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Abstract

A "law of scarcity" is that scarceness is rewarded. We demonstrate laws of scarcity for cores and approximate cores of games. Furthermore, we show that equal treatment core payout vectors satisfy a condition of cyclic monotonicity. Our results are developed for parameterized collections of games and exact bounds on the maximum possible deviation of approximate core payo® vectors from satisfying a law of scarcity are stated in terms of the parameters describing the games. We note that the parameters can, in principle, be estimated.

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File URL: http://www2.warwick.ac.uk/fac/soc/economics/research/workingpapers/publications/twerp691.pdf
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Publisher Info
Paper provided by University of Warwick, Department of Economics in its series The Warwick Economics Research Paper Series (TWERPS) with number 691.

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Length: 17 pages
Date of creation: 2003
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Handle: RePEc:wrk:warwec:691

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

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Find related papers by JEL classification:
C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory
D41 - Microeconomics - - Market Structure and Pricing - - - Perfect Competition

References listed on IDEAS
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. Shapley, Lloyd S. & Shubik, Martin, 1969. "On market games," Journal of Economic Theory, Elsevier, vol. 1(1), pages 9-25, June. [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, 2005. "The Law od Demand in Tiebout Economies," Working Papers 0527, Department of Economics, Vanderbilt University. [Downloadable!]
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  2. Nizar Allouch & Myrna Wooders, 2004. "Price taking equilibrium in club economies with multiple memberships and unbounded club sizes," Cahiers de la Maison des Sciences Economiques b04109, Université Panthéon-Sorbonne (Paris 1). [Downloadable!]
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