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Games with vector-valued payoffs and their application to competition between organizations

Author

Listed:
  • John Roemer

    (Yale Univ)

Abstract

In 1959, Lloyd Shapley wrote a short paper on games with vector payoffs. He analyzed zero-sum matrix games. Here, we extend Shapley's equilibrium concept to general games with vector payoffs, introduce an organizational interpretation of the concept, elaborate the relationship of the original concept to another equilibrium concept where each player can be viewed as running a bargaining game among internal ‘factions,'' and finally comment upon its relationship to the concept of party unanimity Nash equilibrium (PUNE).

Suggested Citation

  • John Roemer, 2005. "Games with vector-valued payoffs and their application to competition between organizations," Economics Bulletin, AccessEcon, vol. 3(16), pages 1-13.
  • Handle: RePEc:ebl:ecbull:eb-05c70014
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    File URL: http://www.accessecon.com/pubs/EB/2005/Volume3/EB-05C70014A.pdf
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    Cited by:

    1. G. De Marco & J. Morgan, 2010. "Kalai-Smorodinsky Bargaining Solution Equilibria," Journal of Optimization Theory and Applications, Springer, vol. 145(3), pages 429-449, June.

    More about this item

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory

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