Bargaining Foundations of Shapley Value
A transferable utility economy, in which each agent holds a resource that can be used in combination with the resources of other agents to generate value (according to the characteristics function V), is studied using a dynamic model of bargaining. The main theorem establishes that the payoffs associated with efficient equilibria converge to the agents' Shapley values as the time between periods of the dynamic game goes to zero. In addition, it is demonstrated that an efficient equilibrium exists and is unique when an additivity condition is satisfied. Copyright 1989 by The Econometric Society.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 57 (1989)
Issue (Month): 1 (January)
|Contact details of provider:|| Phone: 1 212 998 3820|
Fax: 1 212 995 4487
Web page: http://www.econometricsociety.org/Email:
More information through EDIRC
|Order Information:|| Web: https://www.econometricsociety.org/publications/econometrica/access/ordering-back-issues Email: |
When requesting a correction, please mention this item's handle: RePEc:ecm:emetrp:v:57:y:1989:i:1:p:81-95. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.