Values of Non-Atomic Games, Part V

Monetary Economies

by Robert J. Aumann, Lloyd S. Shapley


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The fifth study in a series concerned with the value of participation in a non-atomic game, a special kind of infinite-person game in which no individual player can significantly influence the outcome. The results of Parts I through IV are applied to a certain class of basic economic models, interpretable either as exchange economies with money or as productive economies. The general conclusion is that under a wide variety of conditions the value of the game derived from this class of model exists and coincides with the unique payoff distribution in the core of the game, as well as with the unique payoff distribution associated with the competitive equilibrium or equilibria of the underlying model. This exact agreement of several solutions, in an infinite-person setting, may be compared with known results on the convergence of these solutions in the limit, in similar models with large but finite numbers of participants. (See also RM-5468, RM-5842, RM-6216, RM-6260.)

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