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Feasibility-free axiomatization of the core and its non-empty extension

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  • Bejan, Camelia
  • Gómez, Juan Camilo
  • van den Nouweland, Anne

Abstract

The paper illustrates a new methodology for deriving the feasibility constraints of the core and the aspiration core, a non-empty core-extension, from other axioms. The two solution concepts differ only in the implicit rules that govern coalition formation. Our characterizations derive those different rules from familiar axioms.

Suggested Citation

  • Bejan, Camelia & Gómez, Juan Camilo & van den Nouweland, Anne, 2021. "Feasibility-free axiomatization of the core and its non-empty extension," Economics Letters, Elsevier, vol. 201(C).
    • Handle: RePEc:eee:ecolet:v:201:y:2021:i:c:s0165176521000562
    DOI: 10.1016/j.econlet.2021.109779
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    References listed on IDEAS

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    1. Camelia Bejan & Juan Gómez, 2012. "Axiomatizing core extensions," International Journal of Game Theory, Springer;Game Theory Society, vol. 41(4), pages 885-898, November.
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    4. Tadenuma, K, 1992. "Reduced Games, Consistency, and the Core," International Journal of Game Theory, Springer;Game Theory Society, vol. 20(4), pages 325-334.
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    6. Aumann, Robert J, 1985. "An Axiomatization of the Non-transferable Utility Value," Econometrica, Econometric Society, vol. 53(3), pages 599-612, May.
    7. Peter Sudhölter & Yan-An Hwang, 2001. "Axiomatizations of the core on the universal domain and other natural domains," International Journal of Game Theory, Springer;Game Theory Society, vol. 29(4), pages 597-623.
    8. Keiding, Hans, 1986. "An axiomatization of the core of a cooperative game," Economics Letters, Elsevier, vol. 20(2), pages 111-115.
    9. Hokari, Toru & Kibris, Ozgur, 2003. "Consistency, converse consistency, and aspirations in TU-games," Mathematical Social Sciences, Elsevier, vol. 45(3), pages 313-331, July.
    10. Voorneveld, Mark & van den Nouweland, Anne, 1998. "A new axiomatization of the core of games with transferable utility," Economics Letters, Elsevier, vol. 60(2), pages 151-155, August.
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    Cited by:

    1. Camelia Bejan & Juan Camilo Gómez & Anne van den Nouweland, 2022. "On the importance of reduced games in axiomatizing core extensions," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 59(3), pages 637-668, October.

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    More about this item

    Keywords

    Feasibility; Non-emptiness; Axiomatization; Core; Aspiration core; Consistency; Independence of irrelevant alternatives; Resource monotonicity;
    All these keywords.

    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

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