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Dynamic Cooperative Games

Author

Listed:
  • Laurence Kranich
  • Andres Perea
  • Hans Peters

Abstract

The simplest and most common interpretation of a coalitional form game is that it pertains to a single interaction among the players. However, many if not most cooperative endeavors occur more than once or even repeatedly over time. In this paper we begin a systematic study of dynamic cooperative games. We argue that new tools are necessary to capture several important features of a dynamic analysis that are not adequately represented within the conventional (static) framework. These include the immutability of the sequence of play, the intertemporal evaluation of payoffs, intertemporal trading and/or borrowing or saving, and history dependent games and/or solutions. Here, we focus on the case in which a given set of players play a finite sequence of exogenously specified TU-games. We extend the notion of a cooperative solution to the intertemporal setting, and we discuss intertemporal extensions of the core and the Shapley value. We also discuss the role of intertemporal trade and borrowing/saving. The paper concludes with a blueprint for future work.

Suggested Citation

  • Laurence Kranich & Andres Perea & Hans Peters, 2000. "Dynamic Cooperative Games," Discussion Papers 00-06, University at Albany, SUNY, Department of Economics.
    • Handle: RePEc:nya:albaec:00-06
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    Citations

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    Cited by:

    1. Berden, C., 2007. "The role of individual intertemporal transfers in dynamic TU-Games," Research Memorandum 030, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
    2. Hellman, Ziv, 2008. "Bargaining Set Solution Concepts in Dynamic Cooperative Games," MPRA Paper 8798, University Library of Munich, Germany.
    3. Predtetchinski, Arkadi & Herings, P. Jean-Jacques & Peters, Hans, 2002. "The strong sequential core for two-period economies," Journal of Mathematical Economics, Elsevier, vol. 38(4), pages 465-482, December.
    4. Ziv Hellman, 2009. "Bargaining Set Solution Concepts in Repeated Cooperative Games," Discussion Paper Series dp523, The Federmann Center for the Study of Rationality, the Hebrew University, Jerusalem.
    5. Konstantin Avrachenkov & Laura Cottatellucci & Lorenzo Maggi, 2013. "Cooperative Markov decision processes: time consistency, greedy players satisfaction, and cooperation maintenance," International Journal of Game Theory, Springer;Game Theory Society, vol. 42(1), pages 239-262, February.

    More about this item

    Keywords

    cooperative games; dynamic games; intertemporal solutions.;
    All these keywords.

    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games

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