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The Recursive Core

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Author Info
Becker, Robert A
Chakrabarti, Subir K
Abstract

An allocation in an infinite horizon capital accumulation model is a recursive core allocation provided no coalition can improve upon its consumption stream at any time given its accumulation of assets up to that period. The authors show for every allocation of consumption in the initial core, one can find a distribution of capital stocks among the agents where no coalition of agents will break the initial core contract at any date. The recursive core links the distribution of capital, the problem of trust in the sense of D. Gale, and time consistent intertemporal contracts. Copyright 1995 by The Econometric Society.

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Publisher Info
Article provided by Econometric Society in its journal Econometrica.

Volume (Year): 63 (1995)
Issue (Month): 2 (March)
Pages: 401-23
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Handle: RePEc:ecm:emetrp:v:63:y:1995:i:2:p:401-23

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  1. P. Herings & A. Predtetchinski & A. Perea, 2006. "The Weak Sequential Core for Two-Period Economies," International Journal of Game Theory, Springer, vol. 34(1), pages 55-65, April. [Downloadable!] (restricted)
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  2. Kranich,Laurence & Peree,Andrea & Peters,Hans, 2001. "Core Concepts for Dynamic TU Games," Research Memoranda 013, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
  3. Edward C. Prescott & Jose-Victor Rios-Rull, 2000. "On the equilibrium concept for overlapping generations organizations," Staff Report 282, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  4. Josep Maria Izquierdo Aznar & Francesc Llerena & Carlos Rafels Pallarola, 2004. "Sequential decisions in allocation problems," Working Papers in Economics 116, Universitat de Barcelona. Espai de Recerca en Economia. [Downloadable!]
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