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Solutions Based on Characteristic Functions

In: Game Theory and Its Applications

Author

Listed:
  • Akio Matsumoto

    (Chuo University)

  • Ferenc Szidarovszky

    (Corvinus University)

Abstract

In the cases of noncooperative gamesCharacteristic function Noncooperative game the players cannot or do not want to make binding agreements, so they select strategies independently of each other, and receive the corresponding payoffs. The Nash equilibriumNash equilibrium does not need agreement between the players, since at an equilibrium situation the interest of each player is to keep the equilibrium strategy, otherwise his payoff decreases. Each player considers his own selfish interest without any consideration to the other players. As the next simple example illustrates, the players can be able to increase their payoffs by cooperation.

Suggested Citation

  • Akio Matsumoto & Ferenc Szidarovszky, 2025. "Solutions Based on Characteristic Functions," Springer Books, in: Game Theory and Its Applications, edition 0, chapter 0, pages 151-177, Springer.
    • Handle: RePEc:spr:sprchp:978-981-96-0590-3_11
    DOI: 10.1007/978-981-96-0590-3_11
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