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Some game-theoretic grounds for meeting people half-way

  • José M. Jiménez Gómez

    ()

    (Universidad Politécnica de Cartagena)

  • María del Carmen Marco Gil

    (Universidad Politécnica de Cartagena)

  • Pedro Gadea Blanco

    (Universidad Politécnica de Cartagena)

It is well known that, in distributions problems, "Fairness" rarely leads to a single viewpoint (see Young (1994) and Moulin (1988) among many others). This paper provides, in this context, interesting basis in defense of intermediate agreements when two prominent proposals, representing different sets of "Equity Principles", highlight a discrepancy in sharing resources. Specifically, we formalize such a conflicting situation by associating it with a "natural" cooperative game, called the Bifocal Distribution game, to show that both the Nucleolus, introduced by Schmeidler (1969), and the Shapley value, proposed by Shapley (1953), agree on recommending the "average of the two focal solutions". Finally, applying our analysis to bankruptcy problems, which have been analyzed extensively by Thomson (2003) and Moulin (2002), provides new "reasonable" solutions.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-2010-04.pdf
File Function: Fisrt version / Primera version, 2010
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Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 2010-04.

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Length: 26 pages
Date of creation: Mar 2010
Date of revision:
Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:2010-04
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  1. Farré, Lídia & Klein, Roger & Vella, Francis, 2009. "Does Increasing Parents' Schooling Raise the Schooling of the Next Generation? Evidence Based on Conditional Second Moments," IZA Discussion Papers 3967, Institute for the Study of Labor (IZA).
  2. Maliar, Lilia & Maliar, Serguei & Valli, Fernando, 2010. "Solving the incomplete markets model with aggregate uncertainty using the Krusell-Smith algorithm," Journal of Economic Dynamics and Control, Elsevier, vol. 34(1), pages 42-49, January.
  3. David Cuberes & William R. Dougan, 2010. "How Endogenous Is Money? Evidence from a New Microeconomic Estimate," Working Papers. Serie AD 2010-08, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  4. José J. Sempere Monerris & Rafael Moner Colonques & Amparo Urbano Salvador, 2010. "Trade liberalization in vertically related markets," Working Papers. Serie AD 2010-09, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  5. Martin Menner, 2009. "The role for search frictions for output and inflation dynamics: A Bayesian assessment," Working Papers. Serie AD 2009-06, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  6. Antoni Cunyat & Randolph Sloof, 2009. "Employee types and endofenous organizational design: An experiment," Working Papers. Serie AD 2009-04, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
  7. Iñigo Iturbe-Ormaetxe Kortajarene & Marisa Hidalgo, 2009. "Should we transfer resources from college to basic education?," Working Papers. Serie AD 2009-18, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
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