No abstract

No abstract

A semivalue is a symmetric positive linear operator on a space of games, which leaves the additive games fixed. Such an operator satisfies all of the axioms defining the Shapley value, with the possible exception of the efficiency axiom. The class of semivalues is completely characterized for the space of finite-player games, and for the space pNA of nonatomic games.

We study a repeated game with asymmetric information about a dynamic state of nature. In the course of the game, the better-informed player can communicate some or all of his information to the other. Our model covers costly and/or bounded communication. We characterize the set of equilibrium payoffs and contrast these with the communication equilibrium payoffs, which by definition entail no communication costs.