| Article ID | Journal | Published Year | Pages | File Type |
|---|---|---|---|---|
| 10480524 | Mathematical Social Sciences | 2005 | 12 Pages |
Abstract
A contingent contract in a transferable utility game under uncertainty specifies an outcome for each possible state. It is assumed that coalitions evaluate these contracts by considering the minimal possible excesses. A main question of the paper concerns the existence and characterization of efficient contracts. It is shown that they exist if and only if the set of possible coalitions contains a balanced subset. Moreover, a characterization of values that result in efficient contracts in the case of minimally balanced collections is provided.
Related Topics
Physical Sciences and Engineering
Mathematics
Applied Mathematics
Authors
Walter Bossert, Jean Derks, Hans Peters,