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A Computational Analysis Of The Core Of A Trading Economy With Three Competitive Equilibria And A Finite Number Of Traders, Alok Kumar, Martin Shubik
A Computational Analysis Of The Core Of A Trading Economy With Three Competitive Equilibria And A Finite Number Of Traders, Alok Kumar, Martin Shubik
Cowles Foundation Discussion Papers
In this paper we examine the structure of the core of a trading economy with three competitive equilibria as the number of traders ( N ) is varied. We also examine the sensitivity of the multiplicity of equilibria and of the core to variations in individual initial endowments. Computational results show that the core first splits into two pieces at N = 5 and then splits a second time into three pieces at N = 12. Both of these splits occur not at a point but as a contiguous gap. As N is increased further, the core shrinks by N …
The Uses Of Teaching Games In Game Theory Classes And Some Experimental Games, Martin Shubik
The Uses Of Teaching Games In Game Theory Classes And Some Experimental Games, Martin Shubik
Cowles Foundation Discussion Papers
The results are presented from several experiments. They include the selection of points in the core, interpersonal comparisons of utility, and the reconsideration of Stone results on prominence in contrast with symmetry.