, hence agreements must be stable against both types of deviations. The appropriate extension of the classical core concept …, the Sustainable Core, is defined for this new setup to test the stability of allocations in such a complex environment. A … achieved by choosing an element in the Sustainable Core. -- …

averse, there is a core imputation given by means of shadow prices on state-dependent claims. Like in finance, a risk can … emphasis on incompleteness. Included is a process of bilateral trade which converges to a price-supported core allocation. …

of real numbers. To solve such problems, we extend classical solutions from the theory of minimum cost spanning tree …

dampens cooperation, though only slightly. Surprisingly, externalities are immaterial. If we control for beliefs, they even … we add beliefs as a control variable, we only find that externalities enhance cooperation, even if gains from collusion … expected. -- Oligopoly ; Collusion ; experiment ; Uncertainty ; negative externalities ; prisoner's dilemma …

staying with the original outcome with the risk of deviating. Employing this idea to the core leads to a new concept that we … call the risk-based core. We introduce this concept and discuss its properties. We find an inclusion relation between cores … yields many of the familiar inclusion relations as corollaries, while the inclusion of the optimistic core in the optimistic …

externalities by setting appropriate prevention incentives through insurance premiums. A monopoly insurance solution reduces not … only costs of risk selection, but can also play an important role in loss-prevention. -- externalities ; insurance monopoly …

In markets where production has adverse externalities, policy makers may wish to increase welfare by imposing a cap on …

In markets where production has adverse externalities, policy makers may wish to increase welfare by imposing a cap on …