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On the set of Lorenz-maximal imputations in the core of a balanced game

Author

Listed:
  • Jens Leth Hougaard

    (Institute of Economics, University of Copenhagen, Studiestraede 6, 1455 Copenhagen K., Denmark.)

  • Lars Thorlund-Petersen

    (Copenhagen Business School, Department of Operations Management, Solbjerg Pl. 3, 2000 Frederiskberg, DENMARK)

  • Bezalel Peleg

    (Hebrew University Jerusalem, Center Rationality, Interaction, Decision Theory, Givat-Ram, Feldman Building, 91 904 Jerusalem, ISRAEL)

Abstract

This paper considers the set of Lorenz-maximal imputations in the core of a balanced cooperative game as a solution concept. It is shown that the Lorenz-solution concept satisfies a number of suitable properties such as desirability, continuity and the reduced game property. Moreover, the paper consideres alternative characterizations where it is shown that Lorenz-fairness is tantamount to the existence of an additive, strictly increasing and concave social welfare function. Finally the paper also provides axiomatic characterizations as well as two examples of application.

Suggested Citation

  • Jens Leth Hougaard & Lars Thorlund-Petersen & Bezalel Peleg, 2001. "On the set of Lorenz-maximal imputations in the core of a balanced game," International Journal of Game Theory, Springer;Game Theory Society, vol. 30(2), pages 147-165.
    • Handle: RePEc:spr:jogath:v:30:y:2001:i:2:p:147-165
    Note: Received: February 1999/Final version: June 2001
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