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Unpublished Paper
Some Strictly Convex Characteristic Functions with a Non Empty Core
(2018)
Abstract
In standard core theory no participant receives a return above his incremental contribution to the total return. According to standard economic theory applied to a production function the wage rate equals the value of the marginal product. Thus the incremental contribution of each participant equals his return. This note has a new result. It uses core theory to study a function such that the sum of the incremental contributions exceed the total return. Hence feasible payments must fall short of the total incremental contributions. Even so core theory shows a class of convex characteristic functions where everybody gets a return below his incremental contribution to the total and these returns are in the core.Â
Keywords
- cooperative game theory,
- core models
Disciplines
Publication Date
April 2, 2018
Citation Information
Lester G Telser. "Some Strictly Convex Characteristic Functions with a Non Empty Core" (2018) Available at: http://works.bepress.com/lester_telser/84/