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The Consensus Value for Games in Partition Function Form

Author

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  • Ju, Y.

    (Tilburg University, Center For Economic Research)

Abstract

This paper studies a procedural and axiomatic extension of the consensus value [cf. Juet al.(2007)] to the class of partition function form games. This value is characterized as the unique function that satisfies efficiency, complete symmetry, the quasi-null player property and additivity. By means of the transfer property, a second characterization is provided. Moreover, it is shown that the consensus value satisfies individual rationality under a superadditivity condition, and well balances the tradeoff between coalitional effects and externality effects. In this respect, explicit differences with other solution concepts are indicated.
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Suggested Citation

  • Ju, Y., 2004. "The Consensus Value for Games in Partition Function Form," Discussion Paper 2004-60, Tilburg University, Center for Economic Research.
    • Handle: RePEc:tiu:tiucen:00bff3ca-ce90-4077-a11c-f5d813d17b82
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    References listed on IDEAS

    as
    1. Yuan Ju & Peter Borm & Pieter Ruys, 2007. "The consensus value: a new solution concept for cooperative games," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 28(4), pages 685-703, June.
    2. 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.
    3. R. M. Thrall & W. F. Lucas, 1963. "N‐person games in partition function form," Naval Research Logistics Quarterly, John Wiley & Sons, vol. 10(1), pages 281-298, March.
    4. Bolger, E M, 1989. "A Set of Axioms for a Value for Partition Function Games," International Journal of Game Theory, Springer;Game Theory Society, vol. 18(1), pages 37-44.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Borm, Peter & Ju, Yuan & Wettstein, David, 2015. "Rational bargaining in games with coalitional externalities," Journal of Economic Theory, Elsevier, vol. 157(C), pages 236-254.
    2. László Á. Kóczy, 2018. "Partition Function Form Games," Theory and Decision Library C, Springer, number 978-3-319-69841-0, July.
    3. Ju, Yuan & Borm, Peter, 2008. "Externalities and compensation: Primeval games and solutions," Journal of Mathematical Economics, Elsevier, vol. 44(3-4), pages 367-382, February.
    4. Joss Erick Sánchez-Pérez, 2023. "An elementary transfers procedure for sharing the joint surplus in games with externalities/Un procedimiento elemental de transferencias para repartir el excedente conjunto en juegos con externalidade," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 38(2), pages 317-332.
    5. Macho-Stadler, Inés & Pérez-Castrillo, David & Wettstein, David, 2018. "Values for environments with externalities – The average approach," Games and Economic Behavior, Elsevier, vol. 108(C), pages 49-64.
    6. Peter Borm & Yukihiko Funaki & Yuan Ju, 2020. "The Balanced Threat Agreement for Individual Externality Negotiation Problems," Homo Oeconomicus: Journal of Behavioral and Institutional Economics, Springer, vol. 37(1), pages 67-85, November.
    7. Yuan Ju & David Wettstein, 2009. "Implementing cooperative solution concepts: a generalized bidding approach," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 39(2), pages 307-330, May.
    8. Yuan Ju & Peter Borm, 2006. "A Non-cooperative Approach to the Compensation Rules for Primeval Games," Keele Economics Research Papers KERP 2006/18, Centre for Economic Research, Keele University.
    9. Yuan Ju & Peter Borm & Pieter Ruys, 2007. "The consensus value: a new solution concept for cooperative games," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 28(4), pages 685-703, June.
    10. Joss Sánchez-Pérez, 2017. "A decomposition for the space of games with externalities," International Journal of Game Theory, Springer;Game Theory Society, vol. 46(1), pages 205-233, March.
    11. Joss Sánchez-Pérez, 2014. "An application of the representations of symmetric groups to characterizing solutions of games in partition function form," Operations Research and Decisions, Wroclaw University of Science and Technology, Faculty of Management, vol. 24(2), pages 97-122.
    12. Sanchez-Perez, Joss, 2015. "A decomposition for the space of games with externalities," MPRA Paper 67932, University Library of Munich, Germany.

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    More about this item

    Keywords

    oligopoly; game theory; games;
    All these keywords.

    JEL classification:

    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology
    • C0 - Mathematical and Quantitative Methods - - General
    • C6 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling
    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D7 - Microeconomics - - Analysis of Collective Decision-Making
    • M2 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Economics

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