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Lucas Counter Example Revisited

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  • Effrosyni Diamantoudi

    ()

  • Licun Xue

    ()

Abstract

We revisit Lucas’(1968) counter example for the existence of von Neumann and Morgenstern (1944) stable set (solution) for coalitional games. We show that when we endow the agents with foresight, particularly, when we replace von Neumann and Morgenstern’s (1944) dominance relation with the indirect dominance relations introduced by Harsanyi (1974), Lucas’s example admits a stable set.

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File URL: http://www.mcgill.ca/files/economics/lucuscounterexample.pdf
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Bibliographic Info

Paper provided by McGill University, Department of Economics in its series Departmental Working Papers with number 2005-09.

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Length: 9 pages
Date of creation: Sep 2006
Date of revision:
Handle: RePEc:mcl:mclwop:2005-09

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  1. John C. Harsanyi, 1974. "An Equilibrium-Point Interpretation of Stable Sets and a Proposed Alternative Definition," Management Science, INFORMS, vol. 20(11), pages 1472-1495, July.
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Cited by:
  1. Béal, Sylvain & Durieu, Jacques & Solal, Philippe, 2007. "Farsighted Coalitional Stability in TU-games," Sonderforschungsbereich 504 Publications 07-57, Sonderforschungsbereich 504, Universität Mannheim & Sonderforschungsbereich 504, University of Mannheim.
  2. Hannu Vartiainen, 2007. "Dynamic Farsighted Stability," Discussion Papers 22, Aboa Centre for Economics.
  3. Anindya Bhattacharya & Victoria Brosi, 2011. "An existence result for farsighted stable sets of games in characteristic function form," International Journal of Game Theory, Springer, vol. 40(2), pages 393-401, May.

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