How outside options are incorporated into payoff distributions

Takaaki Abe

Papers from arXiv.org

Abstract: This paper examines how outside options are incorporated into payoff distributions in games with coalition structures. We introduce and characterize the alpha-value, which "fully" incorporates outside options, and provide a new characterization of the Aumann-Dreze value as an allocation rule that does not incorporate outside options. We show that the chi-value (Casajus, 2009) is a component-wise convex combination of these two values and thus incorporates outside options in a discounted form.

Date: 2026-09
New Economics Papers: this item is included in nep-gth and nep-mic
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