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The consensus value: a new solution concept for cooperative games

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  • Yuan Ju

    ()

  • Peter Borm
  • Pieter Ruys

Abstract

By generalizing the standard solution for 2-person games into n-person cases, this paper develops a new solution concept for cooperative games: the consensus value.We characterize the consensus value as the unique function that satisfies efficiency, symmetry, the quasi dummy property and additivity.By means of the transfer property, a second characterization is provided.By defining the stand-alone reduced game, a recursive formula for the value is established.We also show that this value is the average of the Shapley value and the equal surplus solution.Furthermore, we discuss a possible generalization.

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File URL: http://hdl.handle.net/10.1007/s00355-006-0192-1
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Bibliographic Info

Article provided by Springer in its journal Social Choice and Welfare.

Volume (Year): 28 (2007)
Issue (Month): 4 (June)
Pages: 685-703

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Handle: RePEc:spr:sochwe:v:28:y:2007:i:4:p:685-703

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  1. Maschler, M & Owen, G, 1989. "The Consistent Shapley Value for Hyperplane Games," International Journal of Game Theory, Springer, vol. 18(4), pages 389-407.
  2. Ju, Y., 2004. "The Consensus Value for Games in Partition Function Form," Discussion Paper 2004-60, Tilburg University, Center for Economic Research.
  3. Ariel Rubinstein, 2010. "Perfect Equilibrium in a Bargaining Model," Levine's Working Paper Archive 661465000000000387, David K. Levine.
  4. Borm, P.E.M. & Ju, Y. & Ruys, P.H.M., 2004. "Compensating Losses and Sharing Surpluses in Project-Allocation Situations (version 1)," Discussion Paper 2004-6, Tilburg University, Center for Economic Research.
  5. Ju, Y. & Borm, P.E.M., 2008. "Externalities and compensation: Primeval games and solutions," Open Access publications from Tilburg University urn:nbn:nl:ui:12-303498, Tilburg University.
  6. Ju, Y. & Ruys, P.H.M. & Borm, P.E.M., 2004. "Compensating Losses and Sharing Surpluses in Project-Allocation Situations (version 2)," Discussion Paper 2004-002, Tilburg University, Tilburg Law and Economic Center.
  7. Ju, Y. & Wettstein, D., 2006. "Implementing Cooperative Solution Concepts: A Generalized Bidding Approach," Discussion Paper 2006-42, Tilburg University, Center for Economic Research.
  8. Quant, M. & Borm, P.E.M. & Maaten, R., 2005. "A Concede-and-Divide Rule for Bankruptcy Problems," Discussion Paper 2005-20, Tilburg University, Center for Economic Research.
  9. 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).
  10. Herve Moulin, 2004. "Fair Division and Collective Welfare," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262633116, December.
  11. Borm, P.E.M. & Brink, J.R. van den & Slikker, M., 2002. "An iterative procedure for evaluating digraph competitions," Open Access publications from Tilburg University urn:nbn:nl:ui:12-90188, Tilburg University.
  12. René van den Brink & Yukihiko Funaki, 2004. "Axiomatizations of a Class of Equal Surplus Sharing Solutions for Cooperative Games with Transferable Utility," Tinbergen Institute Discussion Papers 04-136/1, Tinbergen Institute.
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