Chung, Ling-Yun; Liao, Yu-Hsien - In: Review of Economics & Finance 4 (2014) November, pp. 61-74
Since an extended core violates related properties of consistency, this paper proposes the concept of pseudo core. By focusing on the agents and the operational levels simultaneously, an extended reduction is also introduced to axiomatize the pseudo core. Furthermore, this paper adopts the...