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The law of supply in games, markets and matching models (1997)

Engl, Greg ; Scotchmer, Suzanne

Springer

Economic theory 9 (1997), S. 539-550

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ISSN: 1432-0479

Keywords: D5

Source: Springer Online Journal Archives 1860-2000

Topics: Economics

Notes: Summary In large games with transferable utility, core payoffs satisfy a comparative statics property: If the proportion of one type of player increases, then the core payoff to that type of player decreases (does not increase). Markets with transferable utility satisfy a similar property: if the aggregate supply of a commodity increases, its value relative to the value of all commodities decreases. In market games, if one type of agent becomes more plentiful, his competitive payoff falls, and its decrease is engineered by a decrease in the relative value of his endowment.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1007/BF01213854

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