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Stable lexicographic rules for shortest path games

For the class of shortest path games, we propose a family of new cost sharing rules satisfying core selection. These rules allocate cost shares to the players according to some lexicographic preference relation. The average of all such lexicographic rules is shown to satisfy many desirable properties (core selection, symmetry, demand additivity,...). Our method relates to what Tijs et. al (2011) refer to as the Alexia value. We propose a procedure allowing to compute these lexicographic allocations for any shortest path game.

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File URL: ftp://repec.econ.vt.edu/Papers/Bahel/shortestpathgames.pdf
File Function: First version, 2014
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Paper provided by Virginia Polytechnic Institute and State University, Department of Economics in its series Working Papers with number e07-46.

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Length: 16 pages
Date of creation: 2014
Date of revision:
Handle: RePEc:vpi:wpaper:e07-46
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  1. Sydney Ludvigson & Martin Lettau, 1999. "Consumption, aggregate wealth and expected stock returns," Staff Reports 77, Federal Reserve Bank of New York.
  2. John H. Cochrane, 2011. "Presidential Address: Discount Rates," Journal of Finance, American Finance Association, vol. 66(4), pages 1047-1108, 08.
  3. Campbell, John Y & Ammer, John, 1993. " What Moves the Stock and Bond Markets? A Variance Decomposition for Long-Term Asset Returns," Journal of Finance, American Finance Association, vol. 48(1), pages 3-37, March.
  4. Rosenthal, Edward C., 2013. "Shortest path games," European Journal of Operational Research, Elsevier, vol. 224(1), pages 132-140.
  5. Eugene F. Fama & Kenneth R. French, 2001. "Disappearing Dividends: Changing Firm Characteristics Or Lower Propensity To Pay?," Journal of Applied Corporate Finance, Morgan Stanley, vol. 14(1), pages 67-79.
  6. Michail Koubouros & Dimitrios Malliaropulos & Ekaterini Panopoulou, 2005. "Long-Run Cash-Flow and Discount-Rate Risks in the Cross-Section of US Returns," Finance 0505009, EconWPA, revised 17 Jan 2006.
  7. John Campbell & Jianping Mei, 1993. "Where do Betas Come From? Asset Price Dynamics and the Sources of Systematic Risk," NBER Working Papers 4329, National Bureau of Economic Research, Inc.
  8. John H. Cochrane, 2011. "Discount Rates," NBER Working Papers 16972, National Bureau of Economic Research, Inc.
  9. John Y. Campbell, 1990. "A Variance Decomposition for Stock Returns," NBER Working Papers 3246, National Bureau of Economic Research, Inc.
  10. Tijs, Stef & Borm, Peter & Lohmann, Edwin & Quant, Marieke, 2011. "An average lexicographic value for cooperative games," European Journal of Operational Research, Elsevier, vol. 213(1), pages 210-220, August.
  11. Andrew Ang & Jun Liu, 2003. "How to Discount Cashflows with Time-Varying Expected Returns," NBER Working Papers 10042, National Bureau of Economic Research, Inc.
  12. Tuomo Vuolteenaho, 2002. "What Drives Firm-Level Stock Returns?," Journal of Finance, American Finance Association, vol. 57(1), pages 233-264, 02.
  13. Eric Bahel & Christian Trudeau, 2013. "A discrete cost sharing model with technological cooperation," International Journal of Game Theory, Springer, vol. 42(2), pages 439-460, May.
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