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A note on the characterization of the compromise value

Author

Listed:
  • Otten, G.J.M.
  • Borm, P.E.M.

    (Tilburg University, Faculty of Economics)

  • Tijs, S.H.

    (Tilburg University, Faculty of Economics)

Abstract

In Borm, Keiding, McLean, Oortwijn and Tijs (1992) the compromise value is introduced as a solution concept on the class of compromise admissible NTU-games. Two characterizations of the compromise value are provided on subclasses of NTU-games. This note shows that in one of these characterizations the aximos are dependent. As a result of this observation a new characterization of the compromise value is provided. Moreover, it turns out that with a small weakening of the symmetry property the axioms in the original characterization become independent. Further, it is shown that these characterizations can be extended to a larger class of NTU-games. Finally, all monotonic, Pareto optimal, and covariant values on this class of NTU-games are described.
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Suggested Citation

  • Otten, G.J.M. & Borm, P.E.M. & Tijs, S.H., 1994. "A note on the characterization of the compromise value," Research Memorandum FEW 655, Tilburg University, School of Economics and Management.
    • Handle: RePEc:tiu:tiurem:427966c6-367b-4902-9cd6-79314a7d0e27
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    Keywords

    Bargaining; game theory;

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