This paper provides a non-linear pricing rule for the valuation of assets on financial markets with intermediaries.The non-linearity arises from the fact that dealers charge a price for their intermediation between buyer and seller. The pricing rule we propose is an alternative for the wellknown...

In this paper, we analyze a lobby game, modelled as an all-pay auction in which interest groups submit bids in order to obtain a political prize.The bids are restricted to be below a cap imposed by the government.For both an incomplete and a complete information setting we show the following...

This note characterizes ordinal potential games by the absence of weak improvement cycles and an order condition on the strategy space.This order condition is automatically satisfied if the strategy space is countable.

AMS classification: 90D05;

This study considers a simple newsvendor situation that consists of n retailers, all selling the same item with common purchasing costs and common selling prices.Groups of retailers might increase their expected joint profit by inventory centralization, which means that they make a joint order...

In this paper we study the relation between convexity of TU games and marginal vectors.We show that if specfic marginal vectors are core elements, then the game is convex.We characterize sets of marginal vectors satisfying this property, and we derive the formula for the minimum number of...

Different axiomatic systems for the Shapley value can be found in the literature.For games with a coalition structure, the Shapley value also has been axiomatized in several ways.In this paper, we discuss a generalization of the Shapley value to the class of partition function form games.The...

In this paper we construct sets of marginal vectors of a TU game with the property that if the marginal vectors from these sets are core elements, then the game is convex.This approach leads to new upperbounds on the number of marginal vectors needed to characterize convexity.An other result is...

In this paper we study information sharing situations.For every information sharing situation we construct an associated cooperative game, which we call an information sharing game.We show that the class of information sharing games co-incides with the class of cooperative games with a...