AN ANALYSIS OF MARKETS WITH A LARGE NUMBER OF PARTICIPANTS

Abstract : The analysis of markets is carried out using the techniques and the point of view of n-person game theory. Markets are examined as n-person games with the specific assumption of transferable utility and making use of several of the available concepts of solution of an n-person game. One of these concepts, the core, (due to Gillies) corresponds very closely to what Edgeworth and subsequent economists mean by the contract surface.