Accession Number : AD0609648
Title : VALUES OF LARGE GAMES-VII: A GENERAL EXCHANGE ECONOMY WITH MONEY,
Corporate Author : RAND CORP SANTA MONICA CALIF
Personal Author(s) : Shapley,Lloyd S.
Report Date : DEC 1964
Pagination or Media Count : 20
Abstract : This memorandum concerns an application of the mathematical theory of games to a central problem in theoretical economics. It is one of a series dealing with the techniques of evaluating games with many players. It is shown that the 'Shapley value' solution of a certain general class of competitive markets, regarded as multiperson games, converges to the classical 'competitive equilibrium' solution when the set of traders in the market is expanded homogeneously.
Descriptors : (*GAME THEORY, ECONOMICS), (*ECONOMICS, GAME THEORY), COMMERCE, MONEY, BARGAINING, SCHEDULING, MATHEMATICAL MODELS, OPTIMIZATION
Distribution Statement : APPROVED FOR PUBLIC RELEASE