A Non-Symmetrical Value for Games without Transferable Utilities: Application to Insurance

We define axiomatically a concept of value for games without transferable utilities, without introducing the usual symmetry axiom. The model - a generalization of a previous paper extending Nash's bargaining problem - attempts to take into account the affinities between the players, defined by an a priori set of "distances." The general solution of all three- and four-person games is described and various examples are discussed, like the classical "Me and my Aunt" and a reinsurance model. Reinsurance Research - Market Dynamics