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Comparative Statics And Laws Of Scarcity For Games

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  • Kovalenkov, Alexander

    (Department of Economics, University of North Carolina)

  • Wooders, Myrna

    (Department of Economics, University of Warwick)

Abstract

A 2law of scarcity2 is that scarceness is rewarded. We demonstrate laws of scarcity for cores and approximate cores of games. Furthermore, we demonstrate conditions under which all payoffs in the core of any game in a parametized collection have an equal treatment property and show that equal treatment core payoff 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 payoff 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. Results are compared to the developments in the literature on matching markets, pregames and general equilibrium. This paper expands on results published in Kovalenkov and Wooders, Economic Theory )to appear).

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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 715.

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Length: 29 pages
Date of creation: 2004
Date of revision:
Handle: RePEc:wrk:warwec:715

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Keywords: Monotonicity ; cooperative games ; clubs ; games with side payments (TU games) ; cyclic monotonicity ; laws of scarecity ; law of demand ; approximate cores ; effective small groups ; parameterized collection of games;

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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. 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.
  3. 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.

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