JUDITH TIMMER () (Center and Department of Econometrics and Operations Research, Tilburg University, P. O. Box 90153, 5000 LE Tilburg, The Netherlands) PETER BORM (Center and Department of Econometrics and Operations Research, Tilburg University, P. O. Box 90153, 5000 LE Tilburg, The Netherlands) STEF TIJS (Center and Department of Econometrics and Operations Research, Tilburg University, P. O. Box 90153, 5000 LE Tilburg, The Netherlands)
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This paper introduces a new model concerning cooperative situations in which the payoffs are modeled by random variables. We analyze these situations by means of cooperative games with random payoffs. Special attention is paid to three types of convexity, namely coalitional-merge, individual-merge and marginal convexity. The relations between these types are studied and in particular, as opposed to their deterministic counterparts for TU games, we show that these three types of convexity are not equivalent. However, all types imply that the core of the game is nonempty. Sufficient conditions on the preferences are derived such that the Shapley value, defined as the average of the marginal vectors, is an element of the core of a convex game.
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Find related papers by JEL classification: B4 - Schools of Economic Thought and Methodology - - Economic Methodology C0 - Mathematical and Quantitative Methods - - General C6 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory D5 - Microeconomics - - General Equilibrium and Disequilibrium D7 - Microeconomics - - Analysis of Collective Decision-Making M2 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics
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Francesco Passarelli, 2007.
"Asymmetric Bargaining,"
ISLA Working Papers
26, ISLA, Centre for research on Latin American Studies and Transition Economies, Universita' Bocconi, Milano, Italy, revised Jan 2007.
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