The Asymptotic Value in Finite Stochastic Games

The Asymptotic Value in Finite Stochastic Games

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Asymptotic Value of Mixed Games

In this paper we are concemed with mixed games, i.e., games with on one hand an "ocean" of insignificant players (formalized by a continuum of players) and on the other hand some significant players (atoms). Considering these games as limits of finite games, we show, for the subset pFL, that the Shapley-Hart value of the mixed game corresponding to the uniform probability measure is the limit o...

Continuity of the Value in Stochastic Games

We prove that the undiscounted value of a stochastic game, as a function of the transition, is continuous in the relative interior of the set of transition functions. ∗I thank Ehud Lehrer for raising the question and commenting on an earlier version of the paper, and Ron, who had an inactive yet an important role in the solution. †Department of Managerial Economics and Decision Sciences, Kellog...

The NTU-Value of Stochastic Games

Asymptotic Properties of the Shapley Value of Patent Licensing Games

We study the asymptotic properties of the Shapley value of patent licensing games with the Cournot competition, shedding light on its relations to the nucleolus, core and bargaining set. The Shapley value of the outside patentee of a non-drastic cost-reducing innovation converges to 2(a − c), which coincides with the patentee’s profit through non-cooperative licensing by means of upfront fee (o...