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Market Games and Clubs

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Working paper
Myrna Wooders
Issue number: 
Vanderbilt University
This paper summarizes research showing that a broad class of large economies generate balanced market games. The economies include, for example, economies with clubs where individuals may have memberships in multiple clubs, with in- divisible commodities, with nonconvexities and with non-monotonicities. The main assumption are: (1) that an option open to any group of players is to break into smaller groups and realize the sum of the worths of these groups, that is, essential superadditivity is satisīŦed and :(2) relatively small groups of participants can realize almost all gains to coalition formation.
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