MULTISTAGE COOPERATIVE GAMES AND PROBLEM OF TIME CONSISTENCY

Victor Zakharov () and Maria Dementieva ()
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Victor Zakharov: Faculty of Applied Mathematics and Control Processes, St. Petersburg State University, Bibliotechnaya pl. 2., St. Petersburg, 198504, Russia
Maria Dementieva: Faculty of Applied Mathematics and Control Processes, St. Petersburg State University, Bibliotechnaya pl. 2., St. Petersburg, 198504, Russia

International Game Theory Review (IGTR), 2004, vol. 06, issue 01, 157-170

Abstract: In this paper we consider the problem of time-consistency of the subcore in a multistage TU-cooperative game. We propose necessary and sufficient conditions for the time-consistency of an imputation from the subcore. Based on these conditions, we suggest an algorithm providing time-consistency of a selector of the subcore. Besides, we prove consistency of the subcore with respect to the MDM-reduction. Finally we introduce the notions of reduced game and dynamic consistency for multistage cooperative games. One of the main results of this paper is a theorem stating some properties of dynamic consistency of the subcore selectors. We focus particularly on the conditions of the dynamic consistency of the subcore with respect to the MDM-reduced game.

Keywords: Multistage TU-cooperative games; core; subcore; time-consistency; dynamic consistency; reduced game (search for similar items in EconPapers)
JEL-codes: B4 C0 C6 C7 D5 D7 M2 (search for similar items in EconPapers)
Date: 2004
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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DOI: 10.1142/S0219198904000125

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