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How outside options are incorporated into payoff distributions
- Published
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- OpenAlex
- DOI
- 10.48550/arxiv.2609.00799
- Original
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- Topics
Abstract
This paper examines how outside options are incorporated into payoff distributions in games with coalition structures. We introduce and characterize the alpha-value, which "fully" incorporates outside options, and provide a new characterization of the Aumann-Dreze value as an allocation rule that does not incorporate outside options. We show that the chi-value (Casajus, 2009) is a component-wise convex combination of these two values and thus incorporates outside options in a discounted form.
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