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Maximality in the farsighted stable set
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Vohra, Rajiv and Ray, Debraj (2019) Maximality in the farsighted stable set. Econometrica, 87 (5). pp. 1763-1779. doi:10.3982/ECTA16047 ISSN 0012-9682.
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Official URL: https://doi.org/10.3982/ECTA16047
Abstract
Harsanyi (1974) and Ray and Vohra (2015) extended the stable set of von Neumann and Morgenstern to impose farsighted credibility on coalitional deviations. But the resulting farsighted stable set suffers from a conceptual drawback: while coalitional moves improve on existing outcomes, coalitions might do even better by moving elsewhere. Or other coalitions might intervene to impose their favored moves. We show that every farsighted stable set satisfying some reasonable and easily verifiable properties is unaffected by the imposition of these stringent maximality constraints. The properties we describe are satisfied by many, but not all farsighted stable sets.
Item Type: | Journal Article | ||||||
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Subjects: | H Social Sciences > HB Economic Theory | ||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||
Library of Congress Subject Headings (LCSH): | Blocking sets, Coalitions -- Economic aspects | ||||||
Journal or Publication Title: | Econometrica | ||||||
Publisher: | Blackwell Publishing | ||||||
ISSN: | 0012-9682 | ||||||
Official Date: | 30 September 2019 | ||||||
Dates: |
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Volume: | 87 | ||||||
Number: | 5 | ||||||
Page Range: | pp. 1763-1779 | ||||||
DOI: | 10.3982/ECTA16047 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Reuse Statement (publisher, data, author rights): | The copyright to this article is held by the Econometric Society, http://www.econometricsociety.org/. It may be downloaded, printed and reproduced only for personal or classroom use. Absolutely no downloading or copying may be done for, or on behalf of, any for-profit commercial firm or for other commercial purpose without the explicit permission of the Econometric Society. | ||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||
Date of first compliant deposit: | 25 April 2019 | ||||||
Date of first compliant Open Access: | 19 November 2019 | ||||||
RIOXX Funder/Project Grant: |
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