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Marginal Contributions and Externalities in the Value

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Our concern is the extension of the theory of the Shapley value to games with externalities. Using the standard axiom systems behind the Shapley value for an arbitrary exogenous coalition structure leads to the identification of bounds on players’ payoffs around an \"externality-free\" value. In endogenizing the coalition structure, we analyze a two-stage process of coalition formation in whose second stage our axiomatic results are applied. We find reasons to explain inefficient coalition structures, and provide sufficient conditions for efficiency.

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Paper provided by Brown University, Department of Economics in its series Working Papers with number 2005-11.

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Date of creation: 2005
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Handle: RePEc:bro:econwp:2005-11

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Postal: Department of Economics, Brown University, Providence, RI 02912

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  11. Inés Macho-Stadler & David Pérez-Castrillo & David Wettstein, 2005. "Efficient Bidding with Externalities," UFAE and IAE Working Papers 641.05, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
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  17. Roger B. Myerson, 1978. "Conference Structures and Fair Allocation Rules," Discussion Papers 363, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  18. M. J. Albizuri & J. Arin & J. Rubio, 2005. "An Axiom System For A Value For Games In Partition Function Form," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 7(01), pages 63-72.
  19. Roger B. Myerson, 1976. "Value of Games in Partition Function Form," Discussion Papers 244, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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