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A note on solution concepts for nontransferable utility games

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  • Lejano, Raul P.
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    Abstract

    While many game-theoretic solution concepts pertain to conditions of transferable utility (TU), market transactions and other exchanges generally occur under nontransferable utility (NTU). Extant solutions translate TU solution concepts to the NTU case by utilizing endogenously determined utility weight vectors, which can violate notions of equity. A new solution procedure is developed that resolves this longstanding problem, and an existence proof is provided.

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    File URL: http://www.sciencedirect.com/science/article/pii/S0304406811001091
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Mathematical Economics.

    Volume (Year): 47 (2011)
    Issue (Month): 6 ()
    Pages: 777-780

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    Handle: RePEc:eee:mateco:v:47:y:2011:i:6:p:777-780

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    Web page: http://www.elsevier.com/locate/jmateco

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    1. Sergiu Hart, 2003. "A Comparison of Non-Transferable Utility Values," Discussion Paper Series dp338, The Center for the Study of Rationality, Hebrew University, Jerusalem.
    2. Aumann, Robert J, 1985. "An Axiomatization of the Non-transferable Utility Value," Econometrica, Econometric Society, vol. 53(3), pages 599-612, May.
    3. Peleg, Bezalel, 1985. "An axiomatization of the core of cooperative games without side payments," Journal of Mathematical Economics, Elsevier, vol. 14(2), pages 203-214, April.
    4. Peleg, B, 1986. "On the Reduced Game Property and Its Converse," International Journal of Game Theory, Springer, vol. 15(3), pages 187-200.
    5. Herings,P. Jean-Jacques & Predtetchinski,Arkadi, 2002. "A Necessary and Sufficient Condition for Non--emptiness of the Core of a Non--transferable Utility Game," Research Memorandum 016, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
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