Outside Options in Probabilistic Coalition Situations

Belau, Julia

doi:10.2139/ssrn.1753659

Cited by 4 publications

(3 citation statements)

References 6 publications

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“…Component Decomposability states that the player's outside world does not affect payoffs within a component. Hence, it stands in contradiction to outside-option-sensitivity (Belau 2011). That is, both the Position value and the Myerson value (as well as the equal bargaining rule) generally do not account for outside options.…”

Section: Drawbacks Of Existing Allocation Rulesmentioning

confidence: 91%

An outside-option-sensitive allocation rule for networks: the kappa-value

Belau

2013

Econ Theory Bull

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How should we allocate worth among agents in cooperative models? The literature provides various examples suggesting that an allocation rule should take outside options into account (bargaining power, etc.) as well as the specific position of agents within the network describing the social or economic structure (trade, social networks, etc.). Existing allocation rules lack at least one of these properties, either generally or for a broad and important class of games. We define and characterize a new allocation rule for networks, the kappa-value, which takes into account both outside options and the position of the agents within the network. The characterization of the kappa-value only consists of known and approved axioms or weakened versions of them and provides an elegant use of the quite intuitive concept of the Shapley value of the arc game, the Position value, lacking its drawback of outside-option-insensitivity.

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Section: Drawbacks Of Existing Allocation Rulesmentioning

confidence: 91%

An outside-option-sensitive allocation rule for networks: the kappa-value

Belau

2013

Econ Theory Bull

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“…One weakness of our analysis is that an asset can only be allocated to one portfolio. At this point, the approaches by Belau (2011) can be used for enhancement.…”

Section: Research Outlookmentioning

confidence: 99%

“…One weakness of our analysis is that an asset can only be allocated to one portfolio. At this point, the approaches by Belau (2011) can be used for enhancement. To analyze what portfolios will exist on the stock market, the concept of stability is an option (Hart & Kurz, 1983).…”

Section: Research Outlookmentioning

confidence: 99%

Allocation of portfolio risk and outside options

Hiller

2022

Manage Decis Econ

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In this note, we outline the application of coalition structure games to the distribution of portfolio risk across individual assets in a portfolio. In the existing literature, there is no risk measure that takes into account both — the contributions of individual assets to portfolio risk and the contributions to the risk of the stock market as a whole. We show the application by means of a simulation study as an example. In this context, it can be shown that the approach contributes to the solution of the so‐called low‐risk puzzle.

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A New Outside Option Value for Networks: The Kappa-Value – Measuring Distribution of Power of Political Agreements

Belau

2012

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The working papers published in the Series constitute work in progress circulated to stimulate discussion and critical comments. Views expressed represent exclusively the authors' own opinions and do not necessarily refl ect those of the editors. (Meessen (1988) and Borm et al. (1992)) and graph--value (Casajus (2009) Terms of use: Documents in Ruhr Economic Papers #326

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Outside Options in Probabilistic Coalition Situations

Cited by 4 publications

References 6 publications

An outside-option-sensitive allocation rule for networks: the kappa-value

An outside-option-sensitive allocation rule for networks: the kappa-value

Allocation of portfolio risk and outside options

A New Outside Option Value for Networks: The Kappa-Value – Measuring Distribution of Power of Political Agreements

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