Sie können Bookmarks mittels Listen verwalten, loggen Sie sich dafür bitte in Ihr SLUB Benutzerkonto ein.
Medientyp:
E-Artikel
Titel:
Equivalence of Games and Markets
Beteiligte:
Wooders, Myrna Holtz
Erschienen:
Econometric Society, 1994
Erschienen in:
Econometrica, 62 (1994) 5, Seite 1141-1160
Sprache:
Englisch
ISSN:
0012-9682;
1468-0262
Entstehung:
Anmerkungen:
Beschreibung:
The author proves an equivalence between large games with effective small groups of players and games generated by markets. Small groups are effective if all or almost all gains to collective activities can be achieved by groups bounded in size. A market is an exchange economy where all participants have concave, quasi-linear payoff functions. The market approximating a game is socially homogeneous--all participants have the same monotonic nondecreasing, and 1-homogeneous payoff function. Our results imply that any market (more generally, any economy with effective small groups) can be approximated by a socially homogeneous market.