We use the approach of the reduced Game Property and its converse to characterize the sets of stable and semistable demand vectors. It is shown that although these two concepts are generally very different their axiomatizations are almost the same. Regarding the semistable demand vector we...

In the present paper we discuss the notion of values for games with coalition structure, applying the approach suggested by Hart and Mas-Colell (1985) concerning the consistency property and the potential function. An axiomatic formulation of the values by this approach leads to two known values...

This paper is aimed at characterizing excess demand functions around a non critical spot price system in a two period exchange economy with incomplete markets and real assets.

The multilinear extension has been shown to be an effective tool for computing the Shapley value of an n-person game. We modify here the method of the multilinear extension to calculate the modified (coalition) value for such games.

We consider two types of firms both operating in two countries. The demand side of the markets of the two countries are separated and each type of firm produces its good in one of these countries. We study the effect of an exchange rate change on the competitive equilibrium prices in each...