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The Consensus Value For Games In Partition Function Form

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Author Info
YUAN JU () (School of Economic and Management Studies, Keele University, Keele, Staffordshire, ST5 5BG, United Kingdom)

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Abstract

This paper studies a procedural and axiomatic extension of the consensus value [cf. Ju et al. (2007)] to the class of partition function form games. This value is characterized as the unique function that satisfies efficiency, complete symmetry, the quasi-null player property and additivity. By means of the transfer property, a second characterization is provided. Moreover, it is shown that the consensus value satisfies individual rationality under a superadditivity condition, and well balances the tradeoff between coalitional effects and externality effects. In this respect, explicit differences with other solution concepts are indicated.

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Publisher Info
Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal International Game Theory Review.

Volume (Year): 09 (2007)
Issue (Month): 03 ()
Pages: 437-452
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Handle: RePEc:wsi:igtrxx:v:09:y:2007:i:03:p:437-452

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Related research
Keywords: Partition function form games; externality; Shapley value; consensus value; JEL Codes: C71; JEL Codes: D62; 91A06; 91A12;

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Find related papers by JEL classification:
B4 - Schools of Economic Thought and Methodology - - Economic Methodology
C0 - Mathematical and Quantitative Methods - - General
C6 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming
C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
D5 - Microeconomics - - General Equilibrium and Disequilibrium
D7 - Microeconomics - - Analysis of Collective Decision-Making
M2 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Ju, Y. & Borm, P.E.M. & Ruys, P.H.M., 2004. "The consensus value : a new solution concept for cooperative games," Discussion Paper 50, Tilburg University, Center for Economic Research. [Downloadable!]
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  2. Bolger, E M, 1989. "A Set of Axioms for a Value for Partition Function Games," International Journal of Game Theory, Springer, vol. 18(1), pages 37-44.
  3. Pham Do, K.H. & Norde, H., 2002. "The Shapley value for partition function form games," Discussion Paper 4, Tilburg University, Center for Economic Research. [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Yuan Ju & Peter Borm & Pieter Ruys, 2007. "The consensus value: a new solution concept for cooperative games," Social Choice and Welfare, Springer, vol. 28(4), pages 685-703, June. [Downloadable!] (restricted)
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  2. Yuan Ju & Peter Borm, 2006. "A Non-cooperative Approach to the Compensation Rules for Primeval Games," Keele Economics Research Papers KERP 2006/18, Centre for Economic Research, Keele University. [Downloadable!]
    Other versions:
  3. Ju, Yuan & Borm, Peter, 2005. "Externalities and compensation: primeval games and solutions," Discussion Paper 71, Tilburg University, Center for Economic Research. [Downloadable!]
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  4. Ju, Yuan & Wettstein, David, 2006. "Implementing cooperative solution concepts : a generalized bidding approach," Discussion Paper 42, Tilburg University, Center for Economic Research. [Downloadable!]
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Statistics
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