Equivalence of Games and Markets
证明了具有有效小群体的大博弈与市场生成的博弈之间的等价性,并表明任何市场(或具有有效小群体的经济)都可以被社会同质市场近似。
The author proves an equivalence between large games with effective small groups of players and games generated by markets. Small groups are effective if all or almost all gains to collective activities can be achieved by groups bounded in size. A market is an exchange economy where all participants have concave, quasi-linear payoff functions. The market approximating a game is socially homogeneous-all participants have the same monotonic nondecreasing, and 1-homogeneous payoff function. Our results imply that any market (more generally, any economy with effective small groups) can be approximated by a socially homogeneous market.