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Externalities, potential, value and consistency

Author

Listed:
  • Dutta, Bhaskar
  • Ehlers, Lars
  • Kar, Anirban

Abstract

We provide new characterization results for the value of games in partition function form. In particular, we use the potential of a game to define the value. We also provide a characterization of the class of values which satisfies one form of reduced game consistency.

Suggested Citation

  • Dutta, Bhaskar & Ehlers, Lars & Kar, Anirban, 2010. "Externalities, potential, value and consistency," Journal of Economic Theory, Elsevier, vol. 145(6), pages 2380-2411, November.
  • Handle: RePEc:eee:jetheo:v:145:y:2010:i:6:p:2380-2411
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    References listed on IDEAS

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    1. Ray, Debraj, 2007. "A Game-Theoretic Perspective on Coalition Formation," OUP Catalogue, Oxford University Press, number 9780199207954.
    2. Bolger, E M, 1989. "A Set of Axioms for a Value for Partition Function Games," International Journal of Game Theory, Springer;Game Theory Society, vol. 18(1), pages 37-44.
    3. Moulin, Herve, 1985. "The separability axiom and equal-sharing methods," Journal of Economic Theory, Elsevier, vol. 36(1), pages 120-148, June.
    4. Aumann, Robert J. & Maschler, Michael, 1985. "Game theoretic analysis of a bankruptcy problem from the Talmud," Journal of Economic Theory, Elsevier, vol. 36(2), pages 195-213, August.
    5. Geoffroy de Clippel & Roberto Serrano, 2008. "Marginal Contributions and Externalities in the Value," Econometrica, Econometric Society, vol. 76(6), pages 1413-1436, November.
    6. Hart, Sergiu & Mas-Colell, Andreu, 1989. "Potential, Value, and Consistency," Econometrica, Econometric Society, vol. 57(3), pages 589-614, May.
    7. Macho-Stadler, Ines & Perez-Castrillo, David & Wettstein, David, 2007. "Sharing the surplus: An extension of the Shapley value for environments with externalities," Journal of Economic Theory, Elsevier, vol. 135(1), pages 339-356, July.
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    Citations

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    Cited by:

    1. Ines Macho-Stadler & David Pérez-Castrillo & David Wettstein, 2016. "Values for Environments with Externalities - The Average Approach," CESifo Working Paper Series 6002, CESifo Group Munich.
    2. Ines Macho-Stadler & David Perez-Castrillo & David Wettstein, 2017. "Extensions Of The Shapley Value For Environments With Externalities," Working Papers 1716, Ben-Gurion University of the Negev, Department of Economics.
    3. Effrosyni Diamantoudi & Inés Macho-Stadler & David Pérez-Castrillo & Licun Xue, 2015. "Sharing the surplus in games with externalities within and across issues," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 60(2), pages 315-343, October.
    4. van den Brink, René & van der Laan, Gerard & Moes, Nigel, 2012. "Fair agreements for sharing international rivers with multiple springs and externalities," Journal of Environmental Economics and Management, Elsevier, vol. 63(3), pages 388-403.
    5. Borm, Peter & Ju, Yuan & Wettstein, David, 2015. "Rational bargaining in games with coalitional externalities," Journal of Economic Theory, Elsevier, vol. 157(C), pages 236-254.
    6. ALVAREZ-MOZOS, Mikel & EHLERS, Lars, 2017. "Externalities and the nucleolus," Cahiers de recherche 2017-04, Universite de Montreal, Departement de sciences economiques.
    7. Inés Macho-Stadler & David Pérez-Castrillo & David Wettstein, 2010. "Dividends and weighted values in games with externalities," International Journal of Game Theory, Springer;Game Theory Society, vol. 39(1), pages 177-184, March.
    8. M. Álvarez-Mozos & O. Tejada, 2015. "The Banzhaf value in the presence of externalities," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 44(4), pages 781-805, April.
    9. Mikel Alvarez-Mozos & José María Alonso-Meijide & María Gloria Fiestras-Janeiro, 2016. "The Shapley-Shubik Index in the Presence of Externalities," UB Economics Working Papers 2016/342, Universitat de Barcelona, Facultat d'Economia i Empresa, UB Economics.
    10. José María Alonso-Meijide & Mikel Alvarez-Mozos & María Gloria Fiestras-Janeiro & Andrés Jiménez-Losada, 2016. "Some structural properties of a lattice of embedded coalitions," UB Economics Working Papers 2016/349, Universitat de Barcelona, Facultat d'Economia i Empresa, UB Economics.
    11. repec:eee:gamebe:v:105:y:2017:i:c:p:148-154 is not listed on IDEAS
    12. Bloch, Francis & van den Nouweland, Anne, 2014. "Expectation formation rules and the core of partition function games," Games and Economic Behavior, Elsevier, vol. 88(C), pages 339-353.
    13. Cheng-Cheng Hu & Yi-You Yang, 2010. "An axiomatic characterization of a value for games in partition function form," SERIEs: Journal of the Spanish Economic Association, Springer;Spanish Economic Association, vol. 1(4), pages 475-487, September.
    14. José María Alonso-Meijide & Mikel Álvarez-Mozos & María Gloria Fiestras-Janeiro, 2015. "Power Indices and Minimal Winning Coalitions in Simple Games with Externalities Abstract: We propose a generalization of simple games to situations with coalitional externalities. The main novelty of ," UB Economics Working Papers 2015/328, Universitat de Barcelona, Facultat d'Economia i Empresa, UB Economics.
    15. Dominik Karos, 2013. "Bargaining and Power," Working Papers 2013.63, Fondazione Eni Enrico Mattei.

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