English, Article edition: THE CONSENSUS VALUE FOR GAMES IN PARTITION FUNCTION FORM YUAN JU

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Physical Description
  • article
Language
  • English

Edition details

Title
  • THE CONSENSUS VALUE FOR GAMES IN PARTITION FUNCTION FORM
Author
  • YUAN JU
Physical Description
  • article
Notes
  • This paper studies a procedural and axiomatic extension of the consensus value [cf. Ju et 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.
  • Partition function form games, externality, Shapley value, consensus value, JEL Codes: C71, JEL Codes: D62, 91A06, 91A12
  • RePEc:wsi:igtrxx:v:09:y:2007:i:03:p:437-452
Language
  • English
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