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Value dividends, the Harsanyi set and extensions, and the proportional Harsanyi payoff

Besner, Manfred (2019): Value dividends, the Harsanyi set and extensions, and the proportional Harsanyi payoff.

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Abstract

A new concept for TU-values, called value dividends, is introduced. Similar to Harsanyi dividends, value dividends are defined recursively and provide new characterizations of values from the Harsanyi set. In addition, we generalize the Harsanyi set where each of the TU-values from this set is defined by the distribution of the Harsanyi dividends via sharing function systems and give an axiomatic characterization. As a TU value from the generalized Harsanyi set, we present the proportional Harsanyi payoff, a new proportional solution concept. As a side benefit, a new characterization of the Shapley value is proposed. None of our characterizations uses additivity.

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