One of the main issues in economics is the trade-off between marginalism and egalitarianism. In the context of cooperative games this trade-off can be framed as one of choosing to allocate according to the Shapley value or the equal division solution. In this paper we provide tools that make it...

We generalize the null player property (satisfied by the Shapley value) and nullifying player property (satisfied by the equal division solution) to the so-called delta-reducing player property, stating that a delta-reducing player (being a player such that any coalition containing this player...

This contribution deals with the fundamental critique in Dinar et al. (1992, Theory and Decision 32) on the use of Game theory in water management: People are reluctant to monetary transfers unrelated to water prices and game theoretic solutions impose a computational burden. For the bilateral...

In this paper the well-known minimax theorems of Wald, Ville and Von Neumann are generalized under weaker topological conditions on the payoff function <i>f</i> and/or extended to the larger set of the Borel probability measures instead of the set of mixed strategies.

Nancy Cartwright views models as blueprints for nomological machines - machines which, if properly shielded, generate lawlike behaviour or regularities. Marcel Boumans has argued that we can look for devices inside models which enable us to measure aspects of these regularities. So, if models do...

A foundation is provided for a correct and accurate analysis of the relationship between monetary values and physical dimensions in economic production. A distinction is proposed between direct and indirect substitution. Linked to this, a classification is offered of various types of...

Integrated assessment models lack a microeconomic foundation in modelling environmental damages to the economy. To overcome this, damage coefficients are incorporated in standard microeconomic models. Firms and consumers take both damages and prices as given. Demand, supply, profit and...

In a standard general equilibrium model it is assumed that there are no price restictions and that prices adjust infinitely fast to their equilibrium values. In this paper the set of admissible prices is allowed to be an arbitrary convex set. For such an arbitrary set it cannot be guaranteed...

In this paper the efficient allocation of natural recreational areas is analysed. Natural recreational areas have the features of public goods. We present the efficient allocation of this non-excludable public good in a rational general equilibrium model with heterogeneous agents. This allows us...

In this paper we investigate experimentally the functioning of a wage tax financed unemployment benefit system on the development of the budget deficit, unemployment, and some other indicators of economic performance in an international economy. We find support for the hypothesis that...