1,721,019 research outputs found
Integral representation for Epstein-Marinacci derivatives of absolutely continuous TU games
No full text
Representation of Epstein-Marinacci derivatives of absolutely continuous TU games
No full textWe show that, for some classes of transferable utility (TU) games widely used in Game Theory and Mathematical
Economics, Epstein and Marinacci derivatives have a natural representation in terms of a "generalized" Radon-
Nikodym derivative. This has a straightforward interpretation in a General Equilibrium context, where marginal
contributions can be seen as a fair way to reward each group of agents
Coalition formation in games without side payments
No full textWe study the endogenous formation of coalitions for games without side payments by embodying a notion of stability a la Hart and Kurz (1983) into the classical Shapley lambda-transfer value.
Precisely, our analysis proceeds by first dening a new solution concept,
the lambda-transfer stable CS value, and then providing an existence result
for the three-player case
Coalitional extreme desirability in finitely additive exchange economies
Full text linkWe define a new notion of extreme desirability for economies in coalitional
form. Through this, we obtain a finitely additive core-Walras equivalence theorem for
an exchange economy with a measure space of agents and an infinite dimensional
commodity space, whose positive cone has possibly empty interior
Value Allocations in economies with coalition structure
No full textWe embody a notion of stability for coalition structures by Hart and Kurz (1983) into the framework of general equilibrium, by generalizing the classical value allocation notion (Shapley, 1969) to situations where: (a) agents organize themselves voluntarily into coalition structures; (b) the process of coalition formation is treated as endogenous. To this end we introduce the definition of stable coalition structure value allocation and provide, under standard hypotheses, a preliminary existence result for the three - player case in an exchange economy
Capital Allocation Rules and Generalized Collapse to the Mean: Theory and Practice
Full text linkIn this paper, we focus on capital allocation methods based on marginal contributions. In particular, concerning the relation between linear capital allocation rules and the
well-known Gradient (or Euler) allocation, we investigate an extension to the convex and non-differentiable case of the result above and its link with the “generalized collapse to the mean” problem. This preliminary result goes in the direction of applying the popular marginal contribution method, which fosters the diversification of risk, to the case of more general risk measures. In this context, we will also discuss and point out some numerical issues linked to marginal methods and some future research directions
A Bass-type model for a dynamic market with logistic growth
No full textA model of the diffusion of a new product into a market with two segments but following a logistic demographic is considered. The consequent diffusion and adoption curves obtained are compared with previous results from two related models that assume a fixed population and an exponential dynamic market, respectively
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