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Values for cooperative games with incomplete information: an eloquent example

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  • DE CLIPPEL, Geoffroy

Abstract

Myerson's (1984) extension of the lambda-transfer value to cooperative games with incomplete information focus among other things on the strength of the incentive constraints at the solution for determining the power of coalitions. We construct an intuitive three-player game where the player whose only contribution is to partly release the two other players from the incentive constraints they face when they cooperate, receives a zero payoff, according to Myerson's solution. On the contrary, the random order arrival procedure attributes a strictly positive payoff to him. Our example is thus an analog of the banker game of Owen (1972) that was designed for evaluating the lambda-transfer value under complete information. Asymmetric information now takes up the role that was formerly attributed to the lack of transferability of utilities.

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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers with number 2002014.

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Date of creation: 00 Mar 2002
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Handle: RePEc:cor:louvco:2002014

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  1. Francoise Forges & Enrico Minelli & Rajiv Vohra, 2000. "Incentives and the Core of an Exchange Economy: A Survey," Working Papers 2000-22, Brown University, Department of Economics.
  2. Sergiu Hart & Andreu Mas-Colell, 1994. "Bargaining and value," Economics Working Papers 114, Department of Economics and Business, Universitat Pompeu Fabra, revised Feb 1995.
  3. Roger B. Myerson, 1981. "Mechanism Design by an Informed Principal," Discussion Papers 481, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  4. Myerson, Roger B, 1984. "Two-Person Bargaining Problems with Incomplete Information," Econometrica, Econometric Society, vol. 52(2), pages 461-87, March.
  5. Aumann, Robert J, 1985. "An Axiomatization of the Non-transferable Utility Value," Econometrica, Econometric Society, vol. 53(3), pages 599-612, May.
  6. Roger B. Myerson, 1977. "Incentive Compatability and the Bargaining Problem," Discussion Papers 284, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  7. Krasa, Stefan & Yannelis, Nicholas C, 1994. "The Value Allocation of an Economy with Differential Information," Econometrica, Econometric Society, vol. 62(4), pages 881-900, July.
  8. Maschler, M & Owen, G, 1989. "The Consistent Shapley Value for Hyperplane Games," International Journal of Game Theory, Springer, vol. 18(4), pages 389-407.
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Cited by:
  1. Forges, Françoise & Serrano, Roberto, 2013. "Cooperative Games with Incomplete Information : Some Open Problems," Economics Papers from University Paris Dauphine 123456789/8158, Paris Dauphine University.
  2. Geoffroy de Clippel, 2010. "Copmment on Egalitarianism under Incomplete Information," Working Papers 2010-4, Brown University, Department of Economics.

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