Concept information
Preferred term
value of a game
Definition
- The value of a game is a solution concept for cooperative games used in both forecasting (e.g., behavioral models) and normative contexts (e.g., fair division). Existence and uniqueness are guaranteed for this solution, which has two interpretations: the outcome of bilateral bargaining and the share-out resulting from bargaining based on the winnings of various possible coalitions. [Source: Encyclopedia of Power; Value of a Game]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/value_of_a_game
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