On the NTU Value.
Abstract
A few years ago, A. Roth and W. Shafter published some examples in which, they argued, the Harsanyi-Shapley-Nash non-transferable utility value, henceforth the NTU value, looks strange and counter-intuitive. These articles were interesting because they shed light on this concept. They also made it clear that the NTU value is in this respect similar to most economic and game-theoretic solution concepts, almost all of which are beset by such examples. Just as the work of Roth and Shafter helped put the NTU value in perspective, perhaps the time has now come to put their work, in turn, in its proper perspective. The following subjects are discussed: selection of counter-intuitive examples associated with several of the most traditional and respected solution concepts of game theory and economics; how one can continue to live, and even thrive, in such an atmosphere; the NTU value.
Document Details
- Document Type
- Technical Report
- Publication Date
- Sep 01, 1982
- Accession Number
- ADA121741
Entities
People
- Robert J. Aumann
Organizations
- Stanford University