This article surveys studies on universally balanced properties of cooperative games defined in a succinct form. In particular, we focus on combinatorial optimization games in which the values to coalitions are defined through linear optimization programs, possibly combinatorial, that is subject...

This article surveys studies on universally balanced properties of cooperative games defined in a succinct form. In particular, we focus on combinatorial optimization games in which the values to coalitions are defined through linear optimization programs, possibly combinatorial, that is subject...

Let \equiv(N,v) be a cooperative game with the player set N and characteristic function v: 2N -R. An imputation of the game is in the core if no subset of players could gain advantage by splitting from the grand coalition of all players. It is well known that, for the flow game (and...

Default correlation is the key point for the pricing of multi-name credit derivatives. In this paper, we apply copulas to characterize the dependence structure of defaults, determine the joint default distribution, and give the price for a specific kind of multi-name credit derivative —...

This paper studies arbitrage-free conditions for multiperiod asset pricing in frictional financial markets with proportional transaction costs. We consider the Euclidean space for weakly arbitrage-free security markets and Strongly arbitrage-free security markets, and establish the weakly...

In a large range of political and economic situations, group formation is driven by two opposite forces : increasing returns to size and to coordination on the one hand, heterogeneity of preferences on the other. An important question is whether competitive pressures, such as described by free...