The "value of the Game" as a Tool in Theoretical Economics
The 'value' is a solution concept for cooperative n-person games that gives for each player, an unbiased measure of his expected marginal worth to a coalition formed at random. In this paper, several games based on very simple economic models dealing with ownership, production, and exchange will be formulated and solved for their values. These examples have been selected (more for their methodology than their economics) from a dozen or so comparable economic games treated in recent papers.
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adequate all-player set amount apportionment approximation area beneath assume assumption beneath the production boundary conditions calculation characteristic function coalition compared constant contribution cornfield costly crop cultivate curve A close DEFINITION denotes depends detail directly divided equally easy economic efficiency exactly exchange expressed fact Figure formula function is given given by v(S graph Hence individually input KINDS OF GAMES land landlord Let the players marginal worth means that labor measure game MODEL monotonic number v(S original ownership pair of gloves paper Pareto optimal peasants plots possible present previous example prob production curve production function pure competition RAND Corporation random order reader recognize relative representation shape share is proportional sharing according shown side simple situations Sizes small area smaller strategic Summing symmetry Table threatener threats total value Trading transfer unique utility value solution gives value theory wage weight zero