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...

The relationship between risk and asset price fluctuations is studied in a stochastic overlapping generations asset pricing model with i.i.d. production shocks. The non-separability of preferences is an important factor in explaining the time paths of asset prices and returns. We show that the...

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...

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.

In this paper we characterize the set of Pareto optimal asset equilibria in a stochastic OLG-framework when real monetary shocks impinge on the economy. We show that it is the strength rather than the mere presence of monetary disturbances that accounts for, if the market mechanism fails to...