Conservation of energy in value theory

K. Ortmann ()

Mathematical Methods of Operations Research, 1998, vol. 47, issue 3, 423-449

Abstract: The potential approach of value theory is extended with respect to a new characterizing property called conservation giving a clear interpretation of the potential. Many analogues between game theory and physics are presented. Particularly, there is a theorem of conservation of energy analogous to the highly important one in classical mechanics. Moreover, the Shapley-Value gets a new interpretation as the marginal contribution to a certain average in contrast to that as an average marginal contribution instead. The Banzhaf-Index can also be uniquely characterized by this approach. Finally, all results are extended to games with a continuum of players of finitely many types. Copyright Physica-Verlag 1998

Keywords: Shapley-Value; Banzhaf-Index; potential; conservation; energie (search for similar items in EconPapers)
Date: 1998
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Citations: View citations in EconPapers (16)

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DOI: 10.1007/BF01198404

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