THE CONSENSUS VALUE FOR GAMES IN PARTITION FUNCTION FORM

Yuan Ju

International Game Theory Review (IGTR), 2007, vol. 09, issue 03, 437-452

Abstract: This paper studies a procedural and axiomatic extension of the consensus value [cf. Juet 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.

Keywords: Partition function form games; externality; Shapley value; consensus value; JEL Codes: C71; JEL Codes: D62; 91A06; 91A12 (search for similar items in EconPapers)
JEL-codes: B4 C0 C6 C7 D5 D7 M2 (search for similar items in EconPapers)
Date: 2007
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Citations: View citations in EconPapers (13)

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Related works:
Working Paper: The Consensus Value for Games in Partition Function Form (2004)
Working Paper: The Consensus Value for Games in Partition Function Form (2004)
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DOI: 10.1142/S0219198907001515

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