Showing 1 - 10 of 20
neither arbitrarily small coalitions nor large coalitions are enough to block an allocation which is not in the core, due to … the core provided by Vind and Schmeidler (1972) to economies with asymmetrically informed traders. We then focus on … information sharing rules based on the coalitions' size. Assuming the existence of coalitions to which the sharing rule associates …
Persistent link: https://www.econbiz.de/10009004814
We define a bargaining set for finite economies using Aubin’s veto mechanism and show its coincidence with the set of Walrasian allocations. Then, we rewrite our notion in terms of replicated economies showing that, in contrast with Anderson, Trockel and Zhou’s (1997) non-convergence result,...
Persistent link: https://www.econbiz.de/10011183541
is not necessary to consider the forma- tion of all coalitions in order to obtain the bargaining sets. This is shown …
Persistent link: https://www.econbiz.de/10011107345
This article analyzes a much debated clause in the 1996 coalition contract between SPD and F.D.P. in Rheinland-Pfalz. Two parties write a contract, based on which decisions under incomplete information have to be made at a later point in time. It is shown that a complex complete contract can...
Persistent link: https://www.econbiz.de/10005620143
social conventions by embedding a static bargaining setting in a dynamic process; Over time agents revise their coalitions … a logit specification of choice probabilities, we find that the stability of a core allocation decreases in the wealth … of the richest player, and that stochastically stable allocations are core allocations which minimize the wealth of the …
Persistent link: https://www.econbiz.de/10011111822
Twelve sets, proposed as social choice solution concepts, are compared: the core, five versions of the uncovered set …
Persistent link: https://www.econbiz.de/10011259698
question of core stability of the grand coalition, namely: is there a subset of bidders that prefers forming a small bidding … the grand coalition is not necessarily core stable, as opposed to the zero externality case, where the stability of the …
Persistent link: https://www.econbiz.de/10009211237
groups, such as marriages, or clubs, or productive coalitions. It may be that participants in an economy even derive utility …: (a) equivalence of the core and the set of competitive outcomes; (b) the Shapley value is contained in the core or … approximate cores; (c) the equal treatment property holds -- that is, both market equilibrium and the core treat similar players …
Persistent link: https://www.econbiz.de/10009328147
This paper proposes two generalization of the core and evaluates them on experimental data of assignment games (workers …-cooperative games, and they prove to be both descriptive and predictive in the assignment games analyzed here. The "logit core" allows …
Persistent link: https://www.econbiz.de/10009251543
For any transferable utility game in coalitional form with nonempty core, we show that that the number of blocks … required to switch from an imputation out of the core to an imputation in the core is less than or equal to n(n-1)/2, where n …
Persistent link: https://www.econbiz.de/10008694029