Mergers and Acquisitions Stochastic Cooperative Games
International Journal of Economic Behavior and Organization
Volume 1, Issue 2, April 2013, Pages: 20-26
Received: Apr. 15, 2013; Published: Jun. 10, 2013
Views 2808      Downloads 225
Pavel V. Konyukhovskiy, Saint Petersburg State University, Saint Petersburg, Russia
Maria A. Nastych, Saint Petersburg State University, Saint Petersburg, Russia
Article Tools
Follow on us
Study of the formation and subsequent behavior of the companies’ coalitions are becoming increasingly important in today's economy. In the elementary case, the process of collaboration may be represented as a classical cooperative game with transferable utility. However, the assumption of the possibility of describing the potential winnings of coalitions using deterministic values seems very controversial. Hypothesis of their random nature is much more realistic. The paper presents the conversion from classical cooperative game theory with side-payments to stochastic analog. Game theory modeling of mergers and acquisitions processes is based on this class of games here.
Cooperative Game Theory, Stochastics, VaR, Mergers and Acquisitions, Quantile
To cite this article
Pavel V. Konyukhovskiy, Maria A. Nastych, Mergers and Acquisitions Stochastic Cooperative Games, International Journal of Economic Behavior and Organization. Vol. 1, No. 2, 2013, pp. 20-26. doi: 10.11648/j.ijebo.20130102.11
Suijs, Jeroen, and Peter Borm. "Stochastic cooperative games: superadditivity, convexity, and certainty equivalents." Games and Economic Behavior 27.2 (1999): 331-345.
Конюховский, П. В., "Применение стохастических кооперативных игр при обосновании инвестиционных проектов," Вестник СПбГУ. 2012, Сер, 5(4), pp.134-143.
Gibbons, Robert, "Game theory for applied economists," Princeton University Press, 1992
Печерский, С. Л., and А. А. Беляева, "Теория игр для экономистов." СПб: Изд-во Европейского университета в С.-Петербурге, 2001.
Jorion, Philippe, "Value at risk: the new benchmark for managing financial risk," Vol. 2. New York: McGraw-Hill, 2007.
Koller, Tim, Marc Goedhart, and David Wessels. "Valuation: measuring and managing the value of companies." Vol. 499. Wiley, 2010.
Валдайцев, С.В., "Оценка бизнеса и управления стоимостью предприятия", Экономика, 1, 2. М.: Проспект, 2012.
Moulin, H., "Fair division and collective welfare." London, England.: The MIT Press. Cambridge, Massachusetts, 2004.
Damodaran, A., "Applied Corporate Finance" (3d ed.). Wiley, 2010.
Brealey, Richard A., Stewart C. Myers, and Franklin Allen, "Corporate finance," Vol. 8. McGraw-Hill/Irwin, 2006.
Science Publishing Group
1 Rockefeller Plaza,
10th and 11th Floors,
New York, NY 10020
Tel: (001)347-983-5186