Random Marginal and Random Removal values
We propose two variations of the non-cooperative bargaining model for games in coalitional form, introduced by Hart and Mas-Colell (1996a). These strategic games implement, in the limit, two new NTU-values: The random marginal and the random removal values. The main characteristic of these proposals is that they always select a unique payoff allocation in NTU-games. The random marginal value coincides with the Consistent NTU-value (Maschler and Owen, 1989) for hyperplane games, and with the Shapley value for TU games (Shapley, 1953). The random removal coincides with the solidarity value (Novak and Radzik, 1994) in TU-games. In large games it is showed that, in the special class of market games, the random marginal coincides with the Shapley NTU-value (Shapley,1969), and that the random removal coincides with the equal split solution.
|Date of creation:||Oct 2006|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Rubinstein, Ariel, 1982. "Perfect Equilibrium in a Bargaining Model," Econometrica, Econometric Society, vol. 50(1), pages 97-109, January.
- Hart, Oliver & Moore, John, 1990.
"Property Rights and the Nature of the Firm,"
Journal of Political Economy,
University of Chicago Press, vol. 98(6), pages 1119-1158, December.
- Oliver Hart & John Moore, 1988. "Property Rights and the Nature of the Firm," Working papers 495, Massachusetts Institute of Technology (MIT), Department of Economics.
- Hart, Oliver D. & Moore, John, 1990. "Property Rights and the Nature of the Firm," Scholarly Articles 3448675, Harvard University Department of Economics.
- Hart, Sergiu & Mas-Colell, Andreu, 1996.
"Harsanyi Values of Large Economies: Nonequivalence to Competitive Equilibria,"
Games and Economic Behavior,
Elsevier, vol. 13(1), pages 74-99, March.
- Hart, S. & Mas-Colell, A., 1993. "Harsanyi Values of Large Economies: Non Equivalence to Competitive Equilibria," Harvard Institute of Economic Research Working Papers 9, Harvard - Institute of Economic Research.
- Thomson,William & Lensberg,Terje, 2006.
"Axiomatic Theory of Bargaining with a Variable Number of Agents,"
Cambridge University Press, number 9780521027038, May.
- Thomson,William & Lensberg,Terje, 1989. "Axiomatic Theory of Bargaining with a Variable Number of Agents," Cambridge Books, Cambridge University Press, number 9780521343831, November.
- Kalai, Ehud & Smorodinsky, Meir, 1975. "Other Solutions to Nash's Bargaining Problem," Econometrica, Econometric Society, vol. 43(3), pages 513-518, May.
- Nash, John, 1950. "The Bargaining Problem," Econometrica, Econometric Society, vol. 18(2), pages 155-162, April.
- Ehud Kalai & Dov Samet, 1983. "On Weighted Shapley Values," Discussion Papers 602, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Aumann, Robert J, 1975. "Values of Markets with a Continuum of Traders," Econometrica, Econometric Society, vol. 43(4), pages 611-646, July.
- 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.
- David Pérez-Castrillo & David Wettstein, "undated". "Bidding For The Surplus: A Non-Cooperative Approach To The Shapley Value," UFAE and IAE Working Papers 461.00, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Anbarci, Nejat & Bigelow, John P., 1994. "The area monotonic solution to the cooperative bargaining problem," Mathematical Social Sciences, Elsevier, vol. 28(2), pages 133-142, October.
- Emilio Calvo & Iñaki Garci´a & José M. Zarzuelo, 2001. "Replication invariance on NTU games," International Journal of Game Theory, Springer;Game Theory Society, vol. 29(4), pages 473-486.
- Hart, Sergiu, 2002. "Values of perfectly competitive economies," Handbook of Game Theory with Economic Applications,in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 3, chapter 57, pages 2169-2184 Elsevier.
- Nowak, Andrzej S & Radzik, Tadeusz, 1994. "A Solidarity Value for n-Person Transferable Utility Games," International Journal of Game Theory, Springer;Game Theory Society, vol. 23(1), pages 43-48.
- Maschler, M & Owen, G, 1989. "The Consistent Shapley Value for Hyperplane Games," International Journal of Game Theory, Springer;Game Theory Society, vol. 18(4), pages 389-407.
- Hart, Sergiu & Mas-Colell, Andreu, 1996. "Bargaining and Value," Econometrica, Econometric Society, vol. 64(2), pages 357-380, March.
- Calvo, Emilio & Santos, Juan Carlos, 1997. "Potentials in cooperative TU-games," Mathematical Social Sciences, Elsevier, vol. 34(2), pages 175-190, October.
- Shapley, Lloyd S & Shubik, Martin, 1969. "Pure Competition, Coalitional Power, and Fair Division," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(3), pages 337-362, October. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:142. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If references are entirely missing, you can add them using this form.