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An Axiomatic Approach to Probablistic Efficient Values for Cooperative Games

Author

Listed:
  • Tadeusz Radzik

    (Institute of Mathematics, Technical University of Wroclaw, Poland)

  • Theo Driessen

    (Faculty of Mathematical Sciences, University of Twente, Enschede, The Netherlands)

Abstract

The paper provides two characterizations of probabilistic values satisfying three classical axioms (linearity, dummy player and any of three "symmetry" axioms) together with a new probabilistic-efficiency axiom. This new axiom requires that players of a game allocate the total amount of their subjectively expected gains composed of the players' subjective beliefs (arising from the underlying family of probability distributions) on receiving their marginal contributions in the game. In the axiomatic framework, the resulting type of a value suggests that players divide the total amount of their subjectively expected gains according to a new family of probability distributions is equal to the underlying family of probability distributions is equal to the underlying family of probability distributions.

Suggested Citation

  • Tadeusz Radzik & Theo Driessen, 2002. "An Axiomatic Approach to Probablistic Efficient Values for Cooperative Games," Homo Oeconomicus, Institute of SocioEconomics, vol. 19, pages 399-411.
    • Handle: RePEc:hom:homoec:v:19:y:2002:p:399-411
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    Cited by:

    1. Carreras, Francesc & Giménez, José Miguel, 2011. "Power and potential maps induced by any semivalue: Some algebraic properties and computation by multilinear extensions," European Journal of Operational Research, Elsevier, vol. 211(1), pages 148-159, May.

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