Three Methods to Share Joint Costs or Surplus
AbstractWe study cost sharing methods with variable demands of heterogeneous goods, additive in the cost function and meeting the Dummy axiom. We consider four axioms: Scale Invariance (SI); Demand Monotonicity (DM); Upper Bound for Homogeneous Goods (UBH) placing a natural cap on cost shares when goods are homogeneous; Average Cost Pricing for Homogeneous Goods (ACPH). The random order values based on Stand Alone costs are characterized by SI and DM. Serial costsharing, by DM and UB; the Aumann-Shapley pricing method, by SI and ACPH. No other combination of the four axioms is compatible with Additivity and Dummy.
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Bibliographic InfoPaper provided by Duke University, Department of Economics in its series Working Papers with number 95-38.
Date of creation: 1995
Date of revision:
Publication status: Published in JOURNAL OF ECONOMIC THEORY, Vol. 87, 1999, pages 275-331
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- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- D62 - Microeconomics - - Welfare Economics - - - Externalities
- D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
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