Exploitable Surplus in n-Person Games

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http://eprints.org/relation/isVersionOf https://pure.iiasa.ac.at/id/document/874 http://eprints.org/relation/isVolatileVersionOf https://pure.iiasa.ac.at/id/document/874 http://eprints.org/relation/isCoversheetVersionOf https://pure.iiasa.ac.at/id/document/874 archive 351 disk0/00/00/08/60 2016-01-15 01:44:50 2021-08-27 17:08:51 2016-01-15 01:44:50 monograph show 3 Young H.P. AL1397 Exploitable Surplus in n-Person Games pub iis_met prog_sds Any cooperative n-person game with transferable utility has a noncooperative mode in which the players sellout of their positions to an external market of entrepreneurial organizing agents. Assuming a market of price takers, this game of competitive self-valuation always has an equilibrium price solution. Every core imputation in the original game constitutes a set of equilibrium prices. If there is no core the entrepreneurs can exploit the coalitions for a profit, i.e., they realize a positive rent for their organizing function. Application is made to determining fair wages to labor, and finding equilibrium prices for legislators selling their votes. 1978 published WP-78-056 WP-78-056 10 2539 public working_paper IIASA, Laxenburg, Austria 11 FALSE info:eu-repo/semantics/book