The Egalitarian Efficient Extension of the Aumann–Drèze Value

Abstract

In this paper, we propose a new efficient value for transferable utility cooperative games with a coalition structure. It first assigns to every player his Aumann–Dreze value and then allocates the remainder of the worth of the grand coalition among players equally. As it is identical with the Aumann–Dreze value for coalitional games with a singleton coalition structure, we call it the egalitarian efficient extension of the Aumann–Dreze value. We provide three axiomatizations of it and compare it with other well-known efficient coalitional values, especially the Owen value and the two-step Shapley value.