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

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  • Kovalenkov, Alexander

    (Department of Economics, University of North Carolina)

  • Wooders, Myrna

    (Department of Economics, University of Warwick)

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/2008/twerp691.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 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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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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  1. Shapley, Lloyd S. & Shubik, Martin, 1969. "On market games," Journal of Economic Theory, Elsevier, vol. 1(1), pages 9-25, June.
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Cited by:
  1. Allouch, Nizar & Wooders, Myrna, 2008. "Price taking equilibrium in economies with multiple memberships in clubs and unbounded club sizes," Journal of Economic Theory, Elsevier, vol. 140(1), pages 246-278, May.
  2. Nizar Allouch & Myrna Wooders, 2004. "Price Taking Equilibrium in Club Economies with Multiple Memberships and Unbounded Club Sizes," Working Papers 513, Queen Mary, University of London, School of Economics and Finance.
  3. Cartwright, Edward & Conley, John & Wooders, Myrna, 2005. "The Law of Demand in Tiebout Economies," The Warwick Economics Research Paper Series (TWERPS) 734, University of Warwick, Department of Economics.

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