NON-COOPERATIVE AND AXIOMATIC CHARACTERIZATIONS OF THE AVERAGE LEXICOGRAPHIC VALUE

We give a non-cooperative and an axiomatic characterization of the Average Lexicographic value (AL-value) on the class of balanced games. The AL-value is a single-valued solution for balanced TU-games. It is defined as the average of lexicographic maximum of the core of the game with respect to all orders on the player set, and it can be seen as a core selection based on the priority orders on the players. In both of our characterizations of the AL-value, a consistency property which we call average consistency plays an important role, and the property is obtained by the consistency property à la Davis and Maschler of the lexicographic vectors with respect to any order of players.