In interim economies with asymmetric information, we show that the coarse core of Wilson (1978) does not converge to … price equilibrium allocations as the economy is replicated. This failure of core convergence is a basic consequence of … asymmetric information and extends to any reasonable notion of either (interim) core or price equilibrium. …

incentive compatibility constraints: the associated ex ante core is generically non-empty. However, we exhibit a wellbehaved … exchange economy in which this core is empty, even if goods are allocated through random mechanisms. …

We investigate the relationship between certain subsets of the core for TU market games and competitive payoff vectors … and Shubik (1975). They remark already that their result can be extended to any closed convex subset of the core, but they …

In an exchange economy with incomplete information, the signaling core is defined by the set of state …-contingent allocations to which no coalitions object under informational leakage through proposals by informed agents. An objection … underlying the signaling core is supported by a sequential equilibrium of an ultimatum bargaining game with an informed proposer …

over consumption goods, competitive equilibrium allocations exist and belong to the (ex ante incentive) core. Furthermore …, any competitive equilibrium allocation can be viewed as an element of the core of the n-fold replicated economy, for every …

We identify particular exchange economies with asymmetric information in which the ex ante incentive compatible core is … nonempty provided that coalitions can allocate goods by means of random mechanisms. Both the use of random mechanisms and the … restriction to a specific class of economies are crucial for the result. Indeed, the ex ante incentive compatible core can be …

, the set of Walrasian payoff vectors of the induced coalition production economy coincides with the core of the balanced … restricted concept of a Walrasian equilibrium enables us to discuss which coalitions are formed in an equilibrium. If the …

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 …

. Do pure indivisibilities prevent core equivalence? Core equivalence theorem in an atomless economy with purely … agents, the core coincides with the set of Walras allocations. We show that this equivalence holds only in an atomless … economy by giving two examples of the sequence of replica economies such that in any replica economy, there exists a core …

apply them in the characterization of two solution concepts. One is Wilson's (1978) Coarse Core and the other is a … subsolution of it which we call the Coarse+ Core. …