How to share when context matters: The Mobius value as a generalized solution for cooperative games
AbstractAll quasivalues rest on a set of three basic axioms (efficiency, null player, and additivity), which are augmented with positivity for random order values, and with positivity and partnership for weighted values. We introduce the concept of Moebius value associated with a o sharing system and show that this value is characterized by the above three axioms. We then establish that (i) a Moebius value is a random o order value if and only if the sharing system is stochastically rationalizable and (ii) a Moebius value is a weighted value if and only if the o sharing system satisfies the Luce choice axiom.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Mathematical Economics.
Volume (Year): 41 (2005)
Issue (Month): 8 (December)
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Web page: http://www.elsevier.com/locate/jmateco
Other versions of this item:
- BILLOT, Antoine & THISSE, Jean-François, 2002. "How to share when context matters: The Möbius value as a generalized solution for cooperative games," CORE Discussion Papers 2002025, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- D46 - Microeconomics - - Market Structure and Pricing - - - Value Theory
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
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