Admissible Hierachic Sets
AbstractIn this paper we present a solution concept for abstract systems called the admissible hierarchic set. The solution we propose is a refinement of the hierarchic solution, a generalization of the von Neumann and Morgenstern solution. For finite abstract systems we show that the admissible hierarchic sets and the von Neumann and Morgenstern stable sets are the only outcomes of a coalition formation procedure (Wilson, 1972 and Roth, 1984). For coalitional games we prove that the core is either a vN&M stable set or an admissible hierarchic set.
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Bibliographic InfoPaper provided by Universidad del País Vasco - Departamento de Fundamentos del Análisis Económico I in its series IKERLANAK with number 2005-18.
Date of creation: May 2005
Date of revision:
Postal: Dpto. de Fundamentos del Análisis Económico I, Facultad de CC. Económicas y Empresariales, Universidad del País Vasco, Avda. Lehendakari Aguirre 83, 48015 Bilbao, Spain
Find related papers by JEL classification:
- C70 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-06-05 (All new papers)
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- Robert Delver & Herman Monsuur, 2001. "Stable sets and standards of behaviour," Social Choice and Welfare, Springer, vol. 18(3), pages 555-570.
- Sengupta, Abhijit & Sengupta, Kunal, 1996. "A Property of the Core," Games and Economic Behavior, Elsevier, vol. 12(2), pages 266-273, February.
- Lucas, William F., 1992. "Von Neumann-Morgenstern stable sets," 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 17, pages 543-590 Elsevier.
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