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An important aspect of many societal and institutional processes is the way in which the involved individuals interact. Motivated by work of Conlisk (1976) we formulate a model which allows such interaction among a finite number of individuals. Conditions are established under which our model converges to an approximation suggested by Conlisk as the population becomes infinite.
Notes
Professor Gerchak's current address is Concordia University, Loyola Campus, Montreal, Quebec, H4B 1R6.