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Efficiency in Uncertain Cooperative Games

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Author Info
Bossert,Walter
Derks,Jean
Peters,Hans (METEOR)

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Abstract

A contingent contract in a transferable utility game under uncertainty specifies an outcome for each possible state. It is assumed that coalitions evaluate these contracts by considering the minimal possible excesses. A main question of the paper concerns the existence and characterization of efficient contracts. It is shown that they exist if and only if the set of possible coalitions contains a balanced subset. Moreover, a characterization of values that result in efficient contracts in the case of minimally balanced collections is provided.

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Paper provided by Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization in its series Research Memoranda with number 002.

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Date of creation: 2001
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Handle: RePEc:dgr:umamet:2001002

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Keywords: mathematical economics and econometrics ;

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References listed on IDEAS
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  1. Bossert, Walter & Nosal, Ed & Sadanand, Venkatraman, 1996. "Bargaining under Uncertainty and the Monotone Path Solutions," Games and Economic Behavior, Elsevier, vol. 14(2), pages 173-189, June. [Downloadable!] (restricted)
  2. Bossert, Walter & Peters, Hans, 2001. "Minimax Regret and Efficient Bargaining under Uncertainty," Games and Economic Behavior, Elsevier, vol. 34(1), pages 1-10, January. [Downloadable!] (restricted)
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  3. Hans Peters & Walter Bossert, 2002. "Efficient solutions to bargaining problems with uncertain disagreement points," Social Choice and Welfare, Springer, vol. 19(3), pages 489-502. [Downloadable!] (restricted)
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