Showing 1 - 10 of 13,388
This paper provides a general overview of the literature on the core of an exchange economy with asymmetric information …. Incentive compatibility is emphasized in studying core concepts at the ex ante and interim stage. The analysis includes issues … of non-emptiness of the core as well as core convergence to price equilibrium allocations. …
Persistent link: https://www.econbiz.de/10010318870
compability constraints: the associated ex ante core is generically nonempty. However, we exhibit a well-behaved exchange economy … in which this core is empty, even if goods are allocated through random mechanisms. …
Persistent link: https://www.econbiz.de/10010318871
-convexity, under which the game is shown to have a non-empty core and the average tree solution lies in the core. In general, link …
Persistent link: https://www.econbiz.de/10010325870
allowing all its members to get the service that generates the revenues. We focus on the study of the core of cost … consideration to all its members, it is shown that a cost-revenue game has a non-empty core for any vector of revenues if, and only … if, the dual game of the cost game has a large core. Using this result, we investigate minimum cost spanning tree games …
Persistent link: https://www.econbiz.de/10010326323
This article describes the basic elements of the cooperative approach to game theory, one of the two counterparts of … the discipline. After the presentation of some basic definitions, the focus will be on the core and the Shapley value, two … of the most central solution concepts in cooperative game theory. …
Persistent link: https://www.econbiz.de/10010318970
, the set of Walrasian payoff vectors of the induced coalition production economy coincides with the core of the balanced …
Persistent link: https://www.econbiz.de/10010272566
This paper investigates core stability of cooperative, TU games via a fuzzy extension of the totally balanced cover of … a TU game. The stability of the core of the fuzzy extension of a game, the concave extension, is shown to reflect the … core stability of the original game and vice versa. Stability of the core is then shown to be equivalent to the existence …
Persistent link: https://www.econbiz.de/10010272595
We model a firm in an institutional market setting, consisting of a production technology and its governance. The governance consists of a hierarchical firm structure, a cost efficiency parameter,and an internal pay system. The depth of the firm is determined by profit maximization under the...
Persistent link: https://www.econbiz.de/10010325411
An appropriate (interim) notion of the core for an economy with incomplete information depends on the amount of … information that coalitions can share. The coarse and fine core, as originally defined by Wilson (1978), correspond to two polar … credible core, which incorporates incentive compatibility constraints, and is based on the idea that a coalition can coordinate …
Persistent link: https://www.econbiz.de/10010318931
Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium that does not require an explicit modeling of private information. Sellers have discretion over deliveries on contracts; this is in common with economies with default, incomplete...
Persistent link: https://www.econbiz.de/10010318960