Structure of teams—A cooperative game theory approach

Hiller, Tobias

doi:10.1002/mde.3021

Cited by 9 publications

(7 citation statements)

References 27 publications

(43 reference statements)

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“…Our game, being non-cooperative, differs from cooperative game theory. According to [ 78 ], cooperative game theory models ‘the combination of specialized expertise within the team’. However, in the aforementioned work and many other studies based on cooperative game theory, teams do not necessarily compete with other teams [ 78 – 80 ].…”

Section: Discussionmentioning

confidence: 99%

“…According to [ 78 ], cooperative game theory models ‘the combination of specialized expertise within the team’. However, in the aforementioned work and many other studies based on cooperative game theory, teams do not necessarily compete with other teams [ 78 – 80 ]. Conflicting teams of cooperating players were also studied in [ 81 ] using graphs to describe connections between the teams.…”

Section: Discussionmentioning

confidence: 99%

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Diversity strengthens competing teams

2022

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How does the composition of a collection of individuals affect its outcome in competition with other collections of individuals? Assuming that individuals can be different, we develop a model to interpolate between individual-level interactions and collective-level consequences. Rooted in theoretical mathematics, the model is not constrained to any specific context. Potential applications include research, education, sports, politics, ecology, agriculture, algorithms and finance. Our first main contribution is a game theoretic model that interpolates between the internal composition of an ensemble of individuals and the repercussions for the ensemble as a whole in competition with others. The second main contribution is the rigorous identification of all equilibrium points and strategies. These equilibria suggest a mechanistic underpinning for biological and physical systems to tend towards increasing diversity due to the strength it imparts to the system in competition with others.

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Section: Discussionmentioning

confidence: 99%

Section: Discussionmentioning

confidence: 99%

Diversity strengthens competing teams

2022

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“…Following the Shapley method , introduced and popularized by Shapley (1953), each asset receives the risk allocation

φ_{i} = \sum_{S \subseteq N ∖ false{i false}} \frac{false| S false|! false(false| N false| - false| S false| - 1 false)!}{false| N false|!} false(σ_{S \cup false{i false}}^{2} - σ_{S}^{2} false),

where |.| again resembles cardinality 7 . Thus, it takes all permutations of the assets and gives the average of their marginal contribution to the risk of the subportfolio of the preceding assets along all permutations (see also Hiller, 2019).…”

Section: Methodsmentioning

confidence: 99%

“…where |.| again resembles cardinality. 7 Thus, it takes all permutations of the assets and gives the average of their marginal contribution to the risk of the subportfolio of the preceding assets along all permutations (see also Hiller, 2019).…”

Section: Riskless Portfoliomentioning

confidence: 99%

Cost gap, Shapley, or nucleolus allocation: Which is the best game‐theoretic remedy for the low‐risk anomaly?

Auer

Hiller

2021

Manage Decis Econ

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Empirical research in investment management has discovered the puzzling phenomenon that, contrary to established capital market theory, low-risk assets tend to earn larger returns than their high-risk counterparts. In a recent contribution, Auer and Hiller (2019) emphasize that an inadequate quantification of risk may be the root of this problem. By interpreting a portfolio as a cooperative game, they arrive at the interesting finding that using assets' risk-based Shapley values instead of classic stand-alone risk measures has the potential to solve the low-risk puzzle. In this article, we extend their study first by considering additional game-theoretic risk allocation schemes, namely, the cost gap technique and the nucleolus method, and then by improving their simulation design via a larger number of assets and a supplementary determination of risk-return slopes. We find that the Shapley method outperforms the alternatives with respect to the generation of positive risk-return slopes. JEL CLASSIFICATIONG10; G11; C71 INTRODUCTIONFinancial research has revealed many capital market phenomena, which challenge the validity of the traditional asset pricing theory

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“…The work studied the interaction mechanism between internal and external stakeholders that affects the implementation of enterprise lean management by using dynamic game theory. Hiller [18] applied cooperative game theory to model the design of the structure of teams. The author introduced production games.…”

Section: Introductionmentioning

confidence: 99%

Teamwork Management in Additive Manufacturing Using Game Theory

Castillo-Rivera

2023

Digit. Manuf. Technol.

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The game theory lays out frameworks for studying decision-making in different environments. The principles of this theory predict human behaviour, leading with decision-making and describing how established outcomes may appear that are not optimal for all groups. This article presents a procedure for teamwork management in additive manufacturing projects. The new challenges in this industry must cope from a perspective that yields a response to changing actuality. The symmetric of 2 × 2 games is used to decompose the payoff matrix into two, a cooperative and a zero-sum part. The variations in the relations between the parts are the key to managing team works. The topology properties of these games are used to study the representation of the game space, which will enable us to take decisions in an additive manufacturing project. Furthermore, the analysis of game regions will allow us to obtain further information for arranging the teams. The study shows that game theory provides a proper framework to manage the collaboration between teamwork in additive manufacturing projects and can derive suitable models for strategic interactions that often occur in applications in these settings.

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Structure of teams—A cooperative game theory approach

Cited by 9 publications

References 27 publications

Diversity strengthens competing teams

Diversity strengthens competing teams

Cost gap, Shapley, or nucleolus allocation: Which is the best game‐theoretic remedy for the low‐risk anomaly?

Teamwork Management in Additive Manufacturing Using Game Theory

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