M-stability: A reformulation of Von Neumann-Morgenstern stability
AbstractThe notion of a stable set (introduced by von Neumann and Morgenstern, 1944) is an important tool in the field of Decision Theory. However, unfortunately, the stable set has some disadvantages: it is not unique, it may select too many alternatives and, most importantly, it may fail to exist. Other stability notions have been introduced in the literature in order to solve the non-existence but, in some cases, they may fail to select "optimal outcomes", in the sense that they can select dominated alternatives although non dom-inated ones exist. We propose a new notion (M-stability) and compare it with previous proposals. Moreover, we analyze some properties (existence, uniqueness, optimality, unions and intersections, ...) of the different notions of stable set.
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Bibliographic InfoPaper provided by Universidad de Alicante, Departamento de Métodos Cuantitativos y Teoría Económica in its series QM&ET Working Papers with number 12-4.
Length: 23 pages
Date of creation: 07 Mar 2012
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stable set; generalized-stable; socially-stable; m-stable; admissible set;
Find related papers by JEL classification:
- D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-03-21 (All new papers)
- NEP-GTH-2012-03-21 (Game Theory)
- NEP-MIC-2012-03-21 (Microeconomics)
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