Values of Large Games, V

An 18-Person Market Game

by Lloyd S. Shapley

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Part of a continuing effort to extend applications of n-person game theory. This memorandum applies the principles of modern game theory to a set of imaginary horse-market transactions described in Bohm-Bawerk's Positive Theory of Capital (1891). Value solutions are obtained by Monte Carlo techniques for this 18-person market game and for a 16-person variant.

This report is part of the RAND Corporation research memorandum series. The Research Memorandum was a product of the RAND Corporation from 1948 to 1973 that represented working papers meant to report current results of RAND research to appropriate audiences.

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