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Edgeworth and the Travelling Salesman: The Complexity of Coalition Structures

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  • Arthur DeVany

    (Department of Economics and Institute for Mathematical Behavioral Sciences, UCI)

Abstract

An economic organization represents order and information. I define an economic organization to be a coalition of consistent multilateral contracts and develop measures of its complexity. I show that when a new organization is formed, information is created. I find there are information economies of scale to organizations and that the institutions of property rights and contracts underlie these economies. I also show that organizations that are optimal must contain unbounded information. This suggests that optimal organizations must be boundedly rational or formed by processes that are.

Suggested Citation

  • Arthur DeVany, "undated". "Edgeworth and the Travelling Salesman: The Complexity of Coalition Structures," Working Papers _017, University of California at Los Angeles, Center for Computable Economics.
  • Handle: RePEc:wop:callce:_017
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    References listed on IDEAS

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    7. repec:gue:guelph:1988-15 is not listed on IDEAS
    8. Frank, Murray & Gencay, Ramazan & Stengos, Thanasis, 1988. "International chaos?," European Economic Review, Elsevier, vol. 32(8), pages 1569-1584, October.
    9. Makridakis, Spyros, 1993. "Accuracy measures: theoretical and practical concerns," International Journal of Forecasting, Elsevier, vol. 9(4), pages 527-529, December.
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