Non-Cooperative and Axiomatic Characterizations of the Average Lexicographic Value

We give a non-cooperative and an axiomatic characterization of the Average Lexicographic value (AL-value) on the class of balanced games. The AL-value is a single-valued solution for balanced TUgames. It is defined as the average of lexicographic maximum of the core of the game with respect to all orders on the player set, and it can be seen as a core selection based on the priority orders on the ∗Corresponding author. Faculty of Political Science and Economics, Waseda University. 1-6-1 Nishi-Waseda, Shinjuku-ku, Tokyo 169-8050, Japan. E-mail: kongo [email protected] †School of Political Science and Economics, Waseda University, Japan. ‡Faculty of Computer Science, “Alexandru Ioan Cuza” University, Iasi, Romania. §CentER for Economic Research and Department of Econometrics and Operations Research, Tilburg University, The Netherlands.