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Payoffs in Nondifferentiable Perfectly Competitive TU Economies

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  • Haimanko, Ori

Abstract

We show that a single-valued solution of non-atomic finite-type market games (or perfectly competitive TU economies underlying them) is uniquely determined as the Mertens value by four plausible value-related axioms. Since the Mertens value is always in the core of an economy, this result provides an axiomatization of a core-selection (or, alternatively, a competitive payoff selection).
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  • Haimanko, Ori, 2002. "Payoffs in Nondifferentiable Perfectly Competitive TU Economies," Journal of Economic Theory, Elsevier, vol. 106(1), pages 17-39, September.
    • Handle: RePEc:eee:jetheo:v:106:y:2002:i:1:p:17-39
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    1. Mertens, J F, 1988. "The Shapley Value in the Non Differentiable Case," International Journal of Game Theory, Springer;Game Theory Society, vol. 17(1), pages 1-65.
    2. Mertens, J.-F., 1987. "Non differentiable T.U. markets. The value," LIDAM Discussion Papers CORE 1987035, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    3. Dubey, Pradeep & Neyman, Abraham, 1984. "Payoffs in Nonatomic Economies: An Axiomatic Approach," Econometrica, Econometric Society, vol. 52(5), pages 1129-1150, September.
    4. Sergiu Hart, 1980. "Measure-Based Values of Market Games," Mathematics of Operations Research, INFORMS, vol. 5(2), pages 197-228, May.
    5. Dubey, Pradeep & Neyman, Abraham, 1997. "An Equivalence Principle for Perfectly Competitive Economies," Journal of Economic Theory, Elsevier, vol. 75(2), pages 314-344, August.
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    Cited by:

    1. Edhan, Omer, 2015. "Payoffs in exact TU economies," Journal of Economic Theory, Elsevier, vol. 155(C), pages 152-184.
    2. Omer Edhan, 2016. "Values of vector measure market games and their representations," International Journal of Game Theory, Springer;Game Theory Society, vol. 45(1), pages 411-433, March.

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    More about this item

    JEL classification:

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

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