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Marginal Contributions And Externalities In The Value

  • Geoffroy de Clippel

    ()

  • Roberto Serrano

    ()

For games in partition function form, we explore the implications of distinguishing between the concepts of intrinsic marginal contributions and externalities. If one requires efficiency for the grand coalition, we provide several results concerning extensions of the Shapley value. Using the axioms of efficiency, anonymity, marginality and monotonicity, we provide upper and lower bounds to players' payoffs when affected by external effects, and a characterization of an ``externality-free'' value. If the grand coalition does not form, we characterize a payoff configuration on the basis of the principle of balanced contributions. We also analyze a game of coalition formation that yields sharp predictions

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Paper provided by Universidad Carlos III, Departamento de Economía in its series Economics Working Papers with number we057339.

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Date of creation: Nov 2005
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Handle: RePEc:cte:werepe:we057339
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  1. Macho-Stadler, Ines & Perez-Castrillo, David & Wettstein, David, 2006. "Efficient bidding with externalities," Games and Economic Behavior, Elsevier, vol. 57(2), pages 304-320, November.
  2. Pradeep Dubey & Robert J. Weber, 1977. "Probabilistic Values for Games," Cowles Foundation Discussion Papers 471, Cowles Foundation for Research in Economics, Yale University.
  3. Montero, M.P., 1999. "Coalition Formation in Games with Externalities," Discussion Paper 1999-121, Tilburg University, Center for Economic Research.
  4. 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.
  5. Roger B. Myerson, 1976. "Value of Games in Partition Function Form," Discussion Papers 244, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  6. 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.
  7. Hart, Sergiu & Mas-Colell, Andreu, 1996. "Bargaining and Value," Econometrica, Econometric Society, vol. 64(2), pages 357-80, March.
  8. Pradeep Dubey & Abraham Neyman & Robert J. Weber, 1979. "Value Theory without Efficiency," Cowles Foundation Discussion Papers 513, Cowles Foundation for Research in Economics, Yale University.
  9. Roger B. Myerson, 1978. "Conference Structures and Fair Allocation Rules," Discussion Papers 363, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  10. Ray, Debraj & Vohra, Rajiv, 1999. "A Theory of Endogenous Coalition Structures," Games and Economic Behavior, Elsevier, vol. 26(2), pages 286-336, January.
  11. Tayfun Sönmez & Suryapratim Banerjee & Hideo Konishi, 2001. "Core in a simple coalition formation game," Social Choice and Welfare, Springer, vol. 18(1), pages 135-153.
  12. Hart, Sergiu & Mas-Colell, Andreu, 1989. "Potential, Value, and Consistency," Econometrica, Econometric Society, vol. 57(3), pages 589-614, May.
  13. repec:dgr:kubcen:20024 is not listed on IDEAS
  14. repec:dgr:kubcen:1999121 is not listed on IDEAS
  15. M. J. Albizuri & J. Arin & J. Rubio, 2005. "An Axiom System For A Value For Games In Partition Function Form," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 7(01), pages 63-72.
  16. Debraj Ray & Rajiv Vohra, 2001. "Coalitional Power and Public Goods," Journal of Political Economy, University of Chicago Press, vol. 109(6), pages 1355-1384, December.
  17. Bogomolnaia, Anna & Jackson, Matthew O., 2002. "The Stability of Hedonic Coalition Structures," Games and Economic Behavior, Elsevier, vol. 38(2), pages 201-230, February.
  18. Bloch, Francis, 1996. "Sequential Formation of Coalitions in Games with Externalities and Fixed Payoff Division," Games and Economic Behavior, Elsevier, vol. 14(1), pages 90-123, May.
  19. Bloch, Francis, 2002. "Coalitions and Networks in Industrial Organization," Manchester School, University of Manchester, vol. 70(1), pages 36-55, January.
  20. Alcalde, Jose & Revilla, Pablo, 2004. "Researching with whom? Stability and manipulation," Journal of Mathematical Economics, Elsevier, vol. 40(8), pages 869-887, December.
  21. repec:fth:tilbur:99121 is not listed on IDEAS
  22. Perez-Castrillo, David & Wettstein, David, 2001. "Bidding for the Surplus : A Non-cooperative Approach to the Shapley Value," Journal of Economic Theory, Elsevier, vol. 100(2), pages 274-294, October.
  23. 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.
  24. Khmelnitskaya, Anna B., 1999. "Marginalist and efficient values for TU games," Mathematical Social Sciences, Elsevier, vol. 38(1), pages 45-54, July.
  25. Hart, Sergiu & Kurz, Mordecai, 1983. "Endogenous Formation of Coalitions," Econometrica, Econometric Society, vol. 51(4), pages 1047-64, July.
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