 Value-free reductionsDavid Perez-Castrillo and Chaoran Sun Games and Economic Behavior, 2021, vol. 130, issue C, 543-568 Abstract: We introduce the value-free (v-f) reductions, operators that map a coalitional game played by a set of players to another “similar” game played by a subset of those players. We propose properties that v-f reductions may satisfy, we provide a theory of duality, and we characterize several v-f reductions (among which the value-free version of the reduced games proposed by Hart and Mas-Colell, 1989, and Oishi et al., 2016). Unlike reduced games, introduced to characterize values in terms of consistency, v-f reductions are not defined in reference to values. However, a v-f reduction induces a value. We characterize v-f reductions that induce the Shapley, the stand-alone, and the Banzhaf values. We connect our approach to the theory of implementation. Finally, our new approach is a valuable tool to provide new characterizations of values in terms of consistency. We present new characterizations of the Banzhaf and the stand-alone values. Keywords: Coalitional games; Reduced games; Axiomatization; Consistency; Shapley value; Duality (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:gamebe:v:130:y:2021:i:c:p:543-568 DOI: 10.1016/j.geb.2021.09.009 Access Statistics for this article Games and Economic Behavior is currently edited by E. Kalai More articles in Games and Economic Behavior from Elsevier |
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