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On Cooperative Games Related To Market Situations And Auctions

Author

Listed:
  • RODICA BRANZEI

    ("Alexander Ioan Cuza" University, Faculty of Computer Science, 11, Carol I Bd., 700483 Iaşi, Romania)

  • VITO FRAGNELLI

    (University of Eastern Piedmont, Department of Advanced Sciences and Technologies (DiSTA), Via V. Bellini 25/G, 15100 Alessandria, Italy)

  • ANA MECA

    (University Miguel Hernandez of Elche, Operations Research Center and Department of Statistics, Mathematics and Computer Sciences, Edificio Torretamarit, Avda. de la Universidad s/n 03202 Elche (Alicante), Spain)

  • STEF TIJS

    (CentER and Department of Econometrics and Operations Research, Tilburg University, P.O. Box 90153, 5000 LE Tilburg, The Netherlands)

Abstract

We consider a market situation with two corners. One corner consists of a single seller with one object, and the other corner consists of potential buyers who all want the object. We suppose that the valuations of the object for the different buyers are known by all of them. Then two types of cooperative games, which we call market games and ring games, corresponding to such market situations are considered.Market games are related to special total big boss games, while ring games are related to special convex games, the peer group games. It turns out that there exists a duality relation between the market game and the ring game arising from the same two-corner market situation. For both classes of games relevant solution concepts are studied.

Suggested Citation

  • Rodica Branzei & Vito Fragnelli & Ana Meca & Stef Tijs, 2009. "On Cooperative Games Related To Market Situations And Auctions," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 11(04), pages 459-470.
    • Handle: RePEc:wsi:igtrxx:v:11:y:2009:i:04:n:s0219198909002443
    DOI: 10.1142/S0219198909002443
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    References listed on IDEAS

    as
    1. Krishna, Vijay, 2009. "Auction Theory," Elsevier Monographs, Elsevier, edition 2, number 9780123745071.
    2. Paul Klemperer, 2004. "Auctions: Theory and Practice," Online economics textbooks, SUNY-Oswego, Department of Economics, number auction1.
    3. Paul Klemperer, 2004. "Auctions: Theory and Practice," Online economics textbooks, SUNY-Oswego, Department of Economics, number auction1.
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    Cited by:

    1. Takumi Kongo, 2020. "Similarities in axiomatizations: equal surplus division value and first-price auctions," Review of Economic Design, Springer;Society for Economic Design, vol. 24(3), pages 199-213, December.
    2. Federica Briata & Andrea Dall’Aglio & Marco Dall’Aglio & Vito Fragnelli, 2017. "The Shapley value in the Knaster gain game," Annals of Operations Research, Springer, vol. 259(1), pages 1-19, December.

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    More about this item

    Keywords

    Market games; ring games; one-object auction situations; big boss games; peer group games; 91A12; 90B05; C71;
    All these keywords.

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C0 - Mathematical and Quantitative Methods - - General
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics

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