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- W64006730 abstract "It is shown that an arbitrary game with effective small groups is approximately a market game. Small groups are effective if all or almost all gains to collective activities can be achieved by groups bounded in absolute size. Market games are games derived from markets where all agents have continuous, concave payoff functions. Bounds on the closeness of the approximation are stated in terms of the extent of substitution — the closeness of substitutes for each player and other parameters characterizing the games. In this respect our results resemble those of Starr (1969) and Anderson (1978), for example, on approximate equilibrium and cores in exchange economies. In contrast with the market-game equivalence results of Shubik and Wooders (1982) and Wooders (1993,1994) no topology on the space of player types is required — the results are for arbitrary games. ∗Department of Economics, University of Toronto Working Paper No. 9415 Revised. This paper is a revision of University of Toronto Department of Economics Working Paper Number 9305, March 1993. †The author is indebted to Vincent Crawford, Aleksander Kovalenkov, Lakshmi Raut, and Jian Kang Zhang for helpful comments. Support from the Social Sciences and Humanities Research Council of Canada is gratefully acknowledged. We also show that independent of the number of types of commodities in an economy, if small group effectiveness holds then the economy can be approximated by one where the number of types of commodities is no larger than the number of approximate types of players. The following applications are demonstrated: (a) approximate monotonicity of equal-treatment -core payoffs of large games; (b) cyclic monotonicity of core payoffs of games satisfying a strict small group effectiveness condition; (c) nonemptiness of the set of approximate core payoffs treating similar players equally; and (d) asymptotic equal treatment of players who are substitutes for each other.1" @default.
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- W64006730 date "2001-01-01" @default.
- W64006730 modified "2023-09-27" @default.
- W64006730 title "Approximating Games and Economies by Markets" @default.
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