Marginal Contributions and Externalities in the Value
AbstractOur concern is the extension of the theory of the Shapley value to problems involving externalities. Using the standard axiom systems behind the Shapley value leads to the identification of bounds on players' payoffs around an "externality-free" value. The approach determines the direction and maximum size of Pigouvian-like transfers among players, transfers based on the specific nature of externalities that are compatible with basic normative principles. Examples are provided to illustrate the approach and to draw comparisons with previous literature. Copyright 2008 The Econometric Society.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Econometric Society in its journal Econometrica.
Volume (Year): 76 (2008)
Issue (Month): 6 (November)
Other versions of this item:
- Geoffroy de Clippel & Roberto Serrano, 2007. "Marginal contributions and externalities in the value," Working Papers 2007-04, Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales.
- Geoffroy de Clippel & Roberto Serrano, 2005. "Marginal Contributions and Externalities in the Value," Working Papers 2005-11, Brown University, Department of Economics.
- Geoffroy de Clippel & Roberto Serrano, 2005. "Marginal Contributions And Externalities In The Value," Economics Working Papers we057339, Universidad Carlos III, Departamento de Economía.
- Clippel, Geoffroy de & Serrano, Roberto, . "Marginal contributions and externalities in the value," Open Access publications from Universidad Carlos III de Madrid info:hdl:10016/367, Universidad Carlos III de Madrid.
- C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
- D62 - Microeconomics - - Welfare Economics - - - Externalities
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.:
- Pradeep Dubey & Robert J. Weber, 1977.
"Probabilistic Values for Games,"
Cowles Foundation Discussion Papers
471, Cowles Foundation for Research in Economics, Yale University.
- Tayfun Sönmez & Suryapratim Banerjee & Hideo Konishi, 2001.
"Core in a simple coalition formation game,"
Social Choice and Welfare,
Springer, vol. 18(1), pages 135-153.
- Roger B. Myerson, 1976. "Value of Games in Partition Function Form," Discussion Papers 244, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Alcalde, Jose & Revilla, Pablo, 2004.
"Researching with whom? Stability and manipulation,"
Journal of Mathematical Economics,
Elsevier, vol. 40(8), pages 869-887, December.
- José Alcalde & Pablo Revilla, 2003. "Researching with Whom? Stability and Manipulation," Economic Working Papers at Centro de Estudios Andaluces E2003/35, Centro de Estudios Andaluces.
- Bogomolnaia, Anna & Jackson, Matthew O., 2002. "The Stability of Hedonic Coalition Structures," Games and Economic Behavior, Elsevier, vol. 38(2), pages 201-230, February.
- Roger B. Myerson, 1978. "Conference Structures and Fair Allocation Rules," Discussion Papers 363, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Debraj Ray & Rajiv Vohra, 2001. "Coalitional Power and Public Goods," Journal of Political Economy, University of Chicago Press, vol. 109(6), pages 1355-1384, December.
- 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.
- Inés Macho & David Pérez-Castrillo & David Wettstein, 2005.
"Efficient Bidding with Externalitites,"
159, Barcelona Graduate School of Economics.
- David Pérez-Castrillo & David Wettstein, .
"Bidding For The Surplus: A Non-Cooperative Approach To The Shapley Value,"
UFAE and IAE Working Papers
461.00, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Perez-Castrillo, David & Wettstein, David, 2001. "Bidding for the Surplus : A Non-cooperative Approach to the Shapley Value," Journal of Economic Theory, Elsevier, vol. 100(2), pages 274-294, October.
- Debraj Ray & Rajiv Vohra, 1996.
"A Theory of Endogenous Coalition Structure,"
0068, Boston University - Industry Studies Programme.
- Pham Do, K.H. & Norde, H.W., 2002.
"The Shapley Value for Partition Function Form Games,"
2002-4, Tilburg University, Center for Economic Research.
- Kim Hang Pham Do & Henk Norde, 2007. "The Shapley Value For Partition Function Form Games," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 9(02), pages 353-360.
- Bloch, Francis, 2002. "Coalitions and Networks in Industrial Organization," Manchester School, University of Manchester, vol. 70(1), pages 36-55, January.
- Khmelnitskaya, Anna B., 1999. "Marginalist and efficient values for TU games," Mathematical Social Sciences, Elsevier, vol. 38(1), pages 45-54, July.
- M. J. Albizuri & J. Arin & J. Rubio, 2005. "An Axiom System For A Value For Games In Partition Function Form," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 7(01), pages 63-72.
- Hart, Sergiu & Mas-Colell, Andreu, 1989. "Potential, Value, and Consistency," Econometrica, Econometric Society, vol. 57(3), pages 589-614, May.
- Hart, Sergiu & Mas-Colell, Andreu, 1996.
"Bargaining and Value,"
Econometric Society, vol. 64(2), pages 357-80, March.
- Pradeep Dubey & Abraham Neyman & Robert J. Weber, 1979. "Value Theory without Efficiency," Cowles Foundation Discussion Papers 513, Cowles Foundation for Research in Economics, Yale University.
- Macho-Stadler, Ines & Perez-Castrillo, David & Wettstein, David, 2007. "Sharing the surplus: An extension of the Shapley value for environments with externalities," Journal of Economic Theory, Elsevier, vol. 135(1), pages 339-356, July.
- repec:fth:tilbur:99121 is not listed on IDEAS
- Bloch, Francis, 1996. "Sequential Formation of Coalitions in Games with Externalities and Fixed Payoff Division," Games and Economic Behavior, Elsevier, vol. 14(1), pages 90-123, May.
- Hart, Sergiu & Kurz, Mordecai, 1983. "Endogenous Formation of Coalitions," Econometrica, Econometric Society, vol. 51(4), pages 1047-64, July.
- Montero, M.P., 1999. "Coalition Formation in Games with Externalities," Discussion Paper 1999-121, Tilburg University, Center for Economic Research.
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page. reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.