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Value allocations in economies with coalition structure

Author

Listed:
  • Francesca Centrone

    (Dipartimento di Scienze Economiche e Metodi Quantitativi, Università del Piemonte Orientale)

  • Claudia Meo

    (Dipartimento di Scienze Economiche e Metodi Quantitativi, Università del Piemonte Orientale)

Abstract

We embody a notion of stability for coalition structures by Hart and Kurz (1983) into the framework of general equilibrium, by generalizing the classical value allocation notion (Shapley, 1969) to situations where: (a) agents organize themselves voluntarily into coalition structures (b) the process of coalition formation is treated as endogenous. To this end we introduce the definition of stable coalition structure value allocation and provide, under standard hypotheses, a preliminary existence result for the three player case in an exchange economy.

Suggested Citation

  • Francesca Centrone & Claudia Meo, 2008. "Value allocations in economies with coalition structure," Economics Bulletin, AccessEcon, vol. 3(49), pages 1-8.
    • Handle: RePEc:ebl:ecbull:eb-08c70034
    as

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    References listed on IDEAS

    as
    1. Hart, Sergiu & Kurz, Mordecai, 1983. "Endogenous Formation of Coalitions," Econometrica, Econometric Society, vol. 51(4), pages 1047-1064, July.
    2. Krasa, Stefan & Temimi, Akram & Yannelis, Nicholas C., 2003. "Coalition structure values in differential information economies: is unity a strength?," Journal of Mathematical Economics, Elsevier, vol. 39(1-2), pages 51-62, February.
    3. Centrone, F. & Meo, C., 2008. "Coalition formation in games without side payments," Mathematical Social Sciences, Elsevier, vol. 56(3), pages 314-320, November.
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    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium

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