Cover: Competitive Outcomes in the Cores of Market Games

Competitive Outcomes in the Cores of Market Games

Published 1975

by Lloyd S. Shapley, Martin Shubik

Download

Download eBook for Free

FormatFile SizeNotes
PDF file 0.5 MB

Use Adobe Acrobat Reader version 10 or higher for the best experience.

Purchase

Purchase Print Copy

 Format Price
Add to Cart Paperback28 pages $20.00

A contribution to the study of abstract market games, building on the model first introduced in RM-5671. The competitive outcomes of an economic system are known, under quite general conditions, always to lie in the core of the associated cooperative game. It is shown here that every "market game" (i.e., one that arises from an exchange economy with money) can be represented by a "direct market" whose competitive outcomes completely fill the core. It is also shown that it can be represented by a market having any given core outcome as its unique competitive outcome, or, more generally, having any given compact convex subset of the core as its full set of competitive outcomes. (See also RM-5671, R-1476, R-904/4.)

This report is part of the RAND report series. The report was a product of RAND from 1948 to 1993 that represented the principal publication documenting and transmitting RAND's major research findings and final research.

This document and trademark(s) contained herein are protected by law. This representation of RAND intellectual property is provided for noncommercial use only. Unauthorized posting of this publication online is prohibited; linking directly to this product page is encouraged. Permission is required from RAND to reproduce, or reuse in another form, any of its research documents for commercial purposes. For information on reprint and reuse permissions, please visit www.rand.org/pubs/permissions.

RAND is a nonprofit institution that helps improve policy and decisionmaking through research and analysis. RAND's publications do not necessarily reflect the opinions of its research clients and sponsors.