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Large Newsvendor Games

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Author Info
Luigi Montrucchio
Marco Scarsini

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Abstract

We consider a game, called newsvendor game, where several retailers, who face a random demand, can pool their resources and build a centralized inventory that stocks a single item on their behalf. Profits have to be allocated in a way that is advantageous to all the retailers. A game in characteristic form is obtained by assigning to each coalition its optimal expected profit. A similar game (modeled in terms of costs) was considered by Muller et al. (2002), who proved that this game is balanced for every possible joint distribution of the random demands. In this paper we consider newsvendor games with possibly an infinite number of newsvendors. We prove in great generality results about balancedness of the game, and we show that in a game with a continuum of players, under a nonatomic condition on the demand, the core is a singleton. For a particular class of demands we show how the core shrinks to a singleton when the number of players increases.

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Publisher Info
Paper provided by Collegio Carlo Alberto in its series Carlo Alberto Notebooks with number 15.

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Length: 30 pages
Date of creation: 2005
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Publication status: Forthcoming in Games and Economic Behavior
Handle: RePEc:cca:wpaper:15

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Related research
Keywords: newsvendor games; nonatomic games; core; balanced games.;

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Find related papers by JEL classification:
C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Debreu, Gerard, 1975. "The rate of convergence of the core of an economy," Journal of Mathematical Economics, Elsevier, vol. 2(1), pages 1-7, March. [Downloadable!] (restricted)
  2. Hartman, Bruce C. & Dror, Moshe & Shaked, Moshe, 2000. "Cores of Inventory Centralization Games," Games and Economic Behavior, Elsevier, vol. 31(1), pages 26-49, April. [Downloadable!] (restricted)
  3. Diego Moreno & Benyamin Shitovitz & Ezra Einy, 1999. "The core of a class of non-atomic games which arise in economic applications," International Journal of Game Theory, Springer, vol. 28(1), pages 1-14. [Downloadable!] (restricted)
  4. Slikker, Marco & Fransoo, Jan & Wouters, Marc, 2005. "Cooperation between multiple news-vendors with transshipments," European Journal of Operational Research, Elsevier, vol. 167(2), pages 370-380, December. [Downloadable!] (restricted)
  5. Anderson, Robert M., 1992. "The core in perfectly competitive economies," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 14, pages 413-457 Elsevier. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Ozen, U. & Slikker, M. & Norde, H.W., 2007. "A General Framework for Cooperation under Uncertainty," Discussion Paper 2007-57, Tilburg University, Center for Economic Research. [Downloadable!]
  2. Massimiliano Amarante & F. Maccheroni & M. Marinacci & L. Montrucchio, 2005. "Cores of non-atomic market games," Discussion Papers 0506-10, Columbia University, Department of Economics. [Downloadable!]
    Other versions:
  3. Elisa Luciano & Elena Vigna, 2006. "Non mean reverting affne processes for stochastic mortality," Carlo Alberto Notebooks 30, Collegio Carlo Alberto. [Downloadable!]
    Other versions:
  4. Ales Cerný & Fabio Maccheroni & Massimo Marinacci & Aldo Rustichini, 2008. "On the Computation of Optimal Monotone Mean-Variance Portfolios via Truncated Quadratic Utility," Carlo Alberto Notebooks 79, Collegio Carlo Alberto. [Downloadable!]
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