Summary
The τ-value is a solution concept for a subclass of games with transferable utility introduced and axiomatized by Tijs (1981, 1987). In this note an alternative characterization of the τ-value by means of five axioms is offered. Two of them are well-known: efficiency and translation equivalence; the other three relate the solution of a game with the minimal and maximal aspiration vectors involved in the definition of the τ-value.
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This work was partially supported by Universidad del País Vasco (projects UPV 036.321-H061/91 and UPV 036.321-HA186/92).
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Calvo, E., Tijs, S.H., Valenciano, F. et al. On the axiomatization of the τ-value. Top 3, 35–46 (1995). https://doi.org/10.1007/BF02574802
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DOI: https://doi.org/10.1007/BF02574802