The equivalence of markets and games concerns the relationship between two sorts of structures that appear fundamentally different -- markets and games. Shapley and Shubik (1969) demonstrates that: (1) games derived from markets with concave utility functions generate totally balanced games...

This paper provides sufficient conditions to ensure nonemptiness of approximate cores of many-player games and symmetry of approximate core payoffs (the equal treatment property). The conditions are: (a) essential superadditivity -- an option open to a group of players is to partition into...

Given the preferences of players and the rules governing network formation, what networks are likely to emerge and persist? And how do individuals and coalitions evaluate possible consequences of their actions in forming networks? To address these questions we introduce a model of network...

We make four main contributions to the theory of network formation. (1) The problem of network formation with farsighted agents can be formulated as an abstract network formation game. (2) In any farsighted network formation game the feasible set of networks contains a unique, finite, disjoint...

In a seminal paper relating economic and game theoretic structures, Shapley and Shubik (1969) demonstrate that a game is a market game -- that is, a game derived from a finite-dimensional private goods exchange economy where all participants have continuous, concave utility functions. In this...

An outcome of a game is partnered if there are no asymmetric dependencies between any two players. For a cooperative game, a payoff is in the partnered core of the game if it is partnered, feasible and cannot be improved upon by any coalition of players. We show that the relative interior of the...

The paper distinguishes between rigid price and flexible price versions of the Prescott (1975) “hotels” model. I focus on two dynamic models that allow for storage: The Bental and Eden (1993) model of all year round goods and the more recent Deneckere and Peck (2012) model of seasonal goods....