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Non-Cooperative And Axiomatic Characterizations Of The Average Lexicographic Value

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  • TAKUMI KONGO

    ()
    (Faculty of Political Science and Economics, Waseda University, 1-6-1 Nishi-Waseda, Shinjuku-ku, Tokyo 169-8050, Japan)

  • YUKIHIKO FUNAKI

    (Faculty of Political Science and Economics, Waseda University, Japan)

  • RODICA BRANZEI

    (Faculty of Computer Science, "Alexandru Ioan Cuza" University, Iasi, Romania)

  • STEF TIJS

    (Center for Economic Research and Department of Econometrics and Operations Research, Tilburg University, The Netherlands)

Abstract

We give a non-cooperative and an axiomatic characterization of the Average Lexicographic value (AL-value) on the class of balanced games. The AL-value is a single-valued solution for balanced TU-games. It is defined as the average of lexicographic maximum of the core of the game with respect to all orders on the player set, and it can be seen as a core selection based on the priority orders on the players. In both of our characterizations of the AL-value, a consistency property which we call average consistency plays an important role, and the property is obtained by the consistency property à la Davis and Maschler of the lexicographic vectors with respect to any order of players.

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Bibliographic Info

Article provided by World Scientific Publishing Co. Pte. Ltd. in its journal International Game Theory Review.

Volume (Year): 12 (2010)
Issue (Month): 04 ()
Pages: 417-435

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Handle: RePEc:wsi:igtrxx:v:12:y:2010:i:04:p:417-435

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Related research

Keywords: Cooperative games; average lexicographic value; average consistency; characterization; C71; C72;

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