IDEAS home Printed from https://ideas.repec.org/p/ris/qmetal/2012_004.html
   My bibliography  Save this paper

M-stability: A reformulation of Von Neumann-Morgenstern stability

Author

Listed:
  • Peris, Josep E.

    () (Universidad de Alicante, Departamento de Métodos Cuantitativos y Teoría Económica)

  • Subiza, Begoña

    () (Universidad de Alicante, Departamento de Métodos Cuantitativos y Teoría Económica)

Abstract

The notion of a stable set (introduced by von Neumann and Morgenstern, 1944) is an important tool in the field of Decision Theory. However, unfortunately, the stable set has some disadvantages: it is not unique, it may select too many alternatives and, most importantly, it may fail to exist. Other stability notions have been introduced in the literature in order to solve the non-existence but, in some cases, they may fail to select "optimal outcomes", in the sense that they can select dominated alternatives although non dom-inated ones exist. We propose a new notion (M-stability) and compare it with previous proposals. Moreover, we analyze some properties (existence, uniqueness, optimality, unions and intersections, ...) of the different notions of stable set.

Suggested Citation

  • Peris, Josep E. & Subiza, Begoña, 2012. "M-stability: A reformulation of Von Neumann-Morgenstern stability," QM&ET Working Papers 12-4, University of Alicante, D. Quantitative Methods and Economic Theory.
  • Handle: RePEc:ris:qmetal:2012_004
    as

    Download full text from publisher

    File URL: http://web.ua.es/es/dmcte/documentos/qmetwp1204.pdf
    File Function: Full text
    Download Restriction: no

    References listed on IDEAS

    as
    1. Robert Delver & Herman Monsuur, 2001. "Stable sets and standards of behaviour," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 18(3), pages 555-570.
    2. Begoña Subiza & Josep Peris, 2005. "Strong maximals: Elements with maximal score in partial orders," Spanish Economic Review, Springer;Spanish Economic Association, vol. 7(2), pages 157-166, June.
    3. Peris, Josep E. & Subiza, Begona, 1994. "Maximal elements of not necessarily acyclic binary relations," Economics Letters, Elsevier, vol. 44(4), pages 385-388, April.
    4. Kalai, Ehud & Schmeidler, David, 1977. "An admissible set occurring in various bargaining situations," Journal of Economic Theory, Elsevier, vol. 14(2), pages 402-411, April.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    stable set; generalized-stable; socially-stable; m-stable; admissible set;

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:qmetal:2012_004. 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: (Julio Carmona). General contact details of provider: http://edirc.repec.org/data/dmalies.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.