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The concept of 'the core' originates in cooperative game theory and its introduction to economics in the 1960s as a … questions in economics. Discovery of the core was met with enthusiasm among the community of economic theorists at the time …. However, use of the core eventually waned and the concept faded into the backdrop of economic theory. This paper makes use of …
Persistent link: https://www.econbiz.de/10012100909
We prove the non-emptiness of the core of an NTU game satisfying a condition of payoff-dependent balancedness, based on … transfer rate mappings. We also define a new equilibrium condition on transfer rates and we prove the existence of core payoff … vectors satisfying this condition. The additional requirement of transfer rate equilibrium refines the core concept and allows …
Persistent link: https://www.econbiz.de/10010905386
We prove the non-emptiness of the core of an NTU game satisfying a condition of payoff-dependent balancedness, based on … transfer rate mappings. We also define a new equilibrium condition on transfer rates and we prove the existence of core payoff … vectors satisfying this condition. The additional requirement of transfer rate equilibrium refines the core concept and allows …
Persistent link: https://www.econbiz.de/10008532573
We prove the non-emptiness of the core of an NTU game satisfying a condition of payoff-dependent balancedness, based on … transfer rate mappings. We also define a new equilibrium condition on transfer rates and we prove the existence of core payoff … vectors satisfying this condition. The additional requirement of transfer rate equilibrium refines the core concept and allows …
Persistent link: https://www.econbiz.de/10005168434
definition includes as a particular case the classical definition of pure exchange economy. We adapt the core concept to a … coalitional exchange economy, and we show the non-emptiness of the core. Finally, we discuss more general setting where individual …
Persistent link: https://www.econbiz.de/10010750600
, we prove the non-emptiness of the fuzzy rejective core. Then, via Konovalov (1998, 2005)'s equivalence result, we solve …
Persistent link: https://www.econbiz.de/10009510659
strong sequential core of such an economy consists of those consumption processes where no coalition of agents wishes to … sufficient conditions for non-emptiness of the strong sequential core in stationary economies are derived, based on non …. Moreover, sufficient conditions are given under which the strong sequential core contains only time and history independent …
Persistent link: https://www.econbiz.de/10014120559
It is shown that core-Walras equivalence fails whenever the commodity space is a non-separable Banach space. The … interpretation is that a large number of agents guarantees core-Walras equivalence only if there is actually a large number of agents … extremely dispersed, so that the standard theory of perfect competition fails. Supplementing the core-Walras non …
Persistent link: https://www.econbiz.de/10005371115
A competitive market mechanism is a prominent example of a nonbinary social choice rule, typically defined for a special class of economic environments in which each social state is an economic allocation of private goods, and individuals’ preferences concern only their own personal...
Persistent link: https://www.econbiz.de/10014025193
core" and show that the subgame-perfect equilibrium allocations of the intermediation game are contained in the … intermediation core, similar to the inclusion of competitive equilibrium allocations in the core usually studied. We also identify …, in terms of the supporting intermediary structures, intermediation core allocations which are also subgame …
Persistent link: https://www.econbiz.de/10008470472