Hart‐Mas-Colell implementation of the discounted Shapley value

Hart‐Mas-Colell implementation of the discounted Shapley value

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Article ID: iaor20163727
Volume: 81
Issue: 3
Start Page Number: 357
End Page Number: 369
Publication Date: Sep 2016
Journal: Theory and Decision
Authors:
Keywords: decision theory, game theory
Abstract:

We consider an implementation of the discounted Shapley value. We modify the Hart–Mas‐Colell model such that each player discounts future payoffs and proposes not only an allocation, but also a coalition. We show that the discounted Shapley value is supported by each stationary subgame perfect equilibrium of the modified game such that in each subgame, the coalition that consists of all active players immediately forms. We also provide conditions for such a stationary subgame perfect equilibrium to exist.

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