In this paper, the standard two-period general equilibrium model with incomplete financial markets is considered. First, existence of equilibrium is proved using a stationary point argument on the set of no-arbitrage prices. Prices are normalized with respect to the market portfolio. The proof...

On the class of cycle-free directed graph games with transferable utility solution concepts, called web values, are introduced axiomatically, each one with respect to a chosen coalition of players that is assumed to be an anti-chain in the directed graph and is considered as a management team....

In this article, the kinds of utility comparisons that can be made may differ in distinct population subgroups. Within each subgroup, utility is either ordinally or cardinally measurable. Levels and differences of utility may or may not be interpersonally comparable within a subgroup. No utility...

The goal of the paper is to introduce a family of values for transferable utility cooperative games that are proportional for two-person games and as well satisfying some combinatorial structure composed by contributions of complementary coalitions or, to less extent, marginal contributions by...

The insurance situation in which an enormous risk is insured by a number of insurance companies is modeled through a cooperative TU game, the so-called co-insurance game, first introduced in Fragnelli and Marina (2004). In this paper we present certain conditions on the parameters of the model...