The Consensus Value For Games In Partition Function Form
This paper studies a procedural and axiomatic extension of the consensus value [cf. Ju et al. (2007)] to the class of partition function form games. This value is characterized as the unique function that satisfies efficiency, complete symmetry, the quasi-null player property and additivity. By means of the transfer property, a second characterization is provided. Moreover, it is shown that the consensus value satisfies individual rationality under a superadditivity condition, and well balances the tradeoff between coalitional effects and externality effects. In this respect, explicit differences with other solution concepts are indicated.
Volume (Year): 09 (2007)
Issue (Month): 03 ()
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- Kim Hang Pham Do & Henk Norde, 2007.
"The Shapley Value For Partition Function Form Games,"
International Game Theory Review (IGTR),
World Scientific Publishing Co. Pte. Ltd., vol. 9(02), pages 353-360.
- Pham Do, K.H. & Norde, H.W., 2002. "The Shapley Value for Partition Function Form Games," Discussion Paper 2002-4, Tilburg University, Center for Economic Research.
- Bolger, E M, 1989. "A Set of Axioms for a Value for Partition Function Games," International Journal of Game Theory, Springer, vol. 18(1), pages 37-44.
- Yuan Ju & Peter Borm & Pieter Ruys, 2007.
"The consensus value: a new solution concept for cooperative games,"
Social Choice and Welfare,
Springer, vol. 28(4), pages 685-703, June.
- Ju, Y. & Borm, P.E.M. & Ruys, P.H.M., 2004. "The Consensus Value : A New Solution Concept for Cooperative Games," Discussion Paper 2004-50, Tilburg University, Center for Economic Research.
- Ju, Y. & Borm, P.E.M. & Ruys, P.H.M., 2007. "The consensus value : A new solution concept for cooperative games," Other publications TiSEM 6cd44a12-a909-47f8-8d85-e, Tilburg University, School of Economics and Management.
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