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A Demand Adjustment Process

Author

Listed:
  • William R. Zame

    (Department of Economics, University of California, 405 Hilgard Avenue, Los Angeles, CA 90024, USA)

  • Michael Maschler

    (Department of Mathematics, Hebrew University of Jerusalem, Israel)

  • Elaine Bennett

    (Department of Economics, Virginia Polytechnic & State University, USA)

Abstract

The aspiration approach to cooperative games, which has been studied by a number of authors, including Cross, Turbay, Albers, Selten and Bennett, presumes that players in a game bargain over their reservation prices, or aspirations. A number of aspiration-based solution concepts have been put forth, and aspiration solutions have been connected to non-cooperative bargaining models. Missing in this approach has been theory of how aspirations themselves arise. The present paper is an attempt to fill this gap. It describes a very general demand adjustment process, using the framework of set-valued dynamical systems developed by Maschler and Peleg. This demand adjustment process always converges; sufficient conditions are given in order that it converge to an aspiration, and that it converge in a finite number of steps.

Suggested Citation

  • William R. Zame & Michael Maschler & Elaine Bennett, 1998. "A Demand Adjustment Process," International Journal of Game Theory, Springer;Game Theory Society, vol. 26(4), pages 423-438.
    • Handle: RePEc:spr:jogath:v:26:y:1998:i:4:p:423-438
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