Csóka, Péter; Herings, Peter Jean-Jacques - 2017
games. Liability games are superadditive, constant sum, partially convex, and partially concave. The core of a liability … game is empty if and only if the firm is insolvent and has multiple positive liabilities. We analyze the nucleolus of the … game and show that allocating the asset value of the firm using the nucleolus satisfies efficiency, non-negativity, and …