Phenomenon of a “Snag" in financial markets and its analysis via the cooperative game theory

@article{5471,
   author = {Černík, Ondřej and Valenčík, Radim},
   article_location = {Saint Petersburg},
   article_number = {Volume 9},
   keywords = {Nash bargaining problem; investment opportunities; human capital; financial markets; cooperative games; investment opportunities},
   language = {eng},
   issn = {2310-2608},
   journal = {Contributions to Game Theory and Management},
   note = {AR 2016/2017 - odesláno do RIV. (duben 2017)},
   title = {Phenomenon of a “Snag" in financial markets and its analysis via the cooperative game theory},
   volume = {2016},
   year = {2016}
}

TY  - JOUR
ID  - 5471
AU  - Černík, Ondřej - Valenčík, Radim
PY  - 2016
TI  - Phenomenon of a “Snag" in financial markets and its analysis via the cooperative game theory
JF  - Contributions to Game Theory and Management
VL  - 2016
IS  - Volume 9
SP  - 102-117
EP  - 102-117
PB  - Saint Petersburg State University
SN  - 23102608
N1  - AR 2016/2017 - odesláno do RIV. (duben 2017)
KW  - Nash bargaining problem
KW  - investment opportunities
KW  - human capital
KW  - financial markets
KW  - cooperative games
KW  - investment opportunities
N2  - The paper describes the development of financial markets and changes in the nature of economic growth using the theory of c ooperative games. These issues have developed since the early 1950s und er the influ- ence of theoretical problems based on the game theory itself and interacting with real problems outside of the game theory (mostly from ec onomics). It turned out that various applications and contexts correspo nd to numerous possible solutions of standard tasks, e.g. Nash ( S; d ) bargaining problem. Some of the significant solutions are responded to questions arising in the context of social welfare economic theory, respectively is sues are related to the redistribution of wealth between different groups in pop ulation and the rationale of such reallocation. We show that under conditio ns of sufficiently effective financial markets the question of the relationship between efficiency and equality, which is typical of the theory of social welfar e, may be replaced by the question of making full utilization of investment opp ortunities asso- ciated with the acquisition, preservation and application of human capital. We define “sufficient efficiency of financial markets” as ability to fully utilize investment opportunities related – to put it simply – to huma n development, regardless of its initial assets or income position. This is related to the fact that instead of different ways of reasoning for solution ( S; d ) of the prob- lem we can take advantage of technical solution (based on the equality of marginal returns of investment opportunities, or rather ba sed on sum pay- ments maximization), e.g. the solution used in problem of op timal allocation of water (water allocation problem) (Brink, et al., 2011).
ER  - 

ČERNÍK, Ondřej a Radim VALENČÍK. Phenomenon of a “Snag'' in financial markets and its analysis via the cooperative game theory. \textit{Contributions to Game Theory and Management}. Saint Petersburg: Saint Petersburg State University, roč.~2016, Volume 9, s.~102-117. ISSN~2310-2608. 2016.