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The Weak Sequential Core for Two-Period Economies

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  • P. Herings

    ()

  • A. Predtetchinski

    ()

  • A. Perea

    ()

Abstract

We adapt the core concept to deal with economies in which trade in assets takes place at period 1, uncertainty about asset payoffs is released at period 2, and agents trade in commodities afterwards. We define the weak sequential core as the set of allocations that are stable against coalitional deviations ex ante, and moreover cannot be improved upon by any coalition once the uncertainty is being released. We restrict ourselves to credible deviations, i.e. coalitional deviations at period 1 that cannot be counterblocked by some subcoalition at period 2. We study the relationship of the resulting core concept with other sequential core concepts, give sufficient conditions under which the weak sequential core is non-empty, but show that it is possible to give reasonable examples where it is empty.

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Bibliographic Info

Article provided by Springer in its journal International Journal of Game Theory.

Volume (Year): 34 (2006)
Issue (Month): 1 (April)
Pages: 55-65

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Handle: RePEc:spr:jogath:v:34:y:2006:i:1:p:55-65

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Keywords: Core; Assets;

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References

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  1. Predtetchinski, Arkadi & Herings, P. Jean-Jacques & Peters, Hans, 2002. "The strong sequential core for two-period economies," Journal of Mathematical Economics, Elsevier, vol. 38(4), pages 465-482, December.
  2. Gale, Douglas, 1978. "The core of a monetary economy without trust," Journal of Economic Theory, Elsevier, vol. 19(2), pages 456-491, December.
  3. Ray, Debraj, 1989. "Credible Coalitions and the Core," International Journal of Game Theory, Springer, vol. 18(2), pages 185-87.
  4. Becker, Robert A & Chakrabarti, Subir K, 1995. "The Recursive Core," Econometrica, Econometric Society, vol. 63(2), pages 401-23, March.
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Citations

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Cited by:
  1. Helga Habis & P. Herings, 2013. "Stochastic bankruptcy games," International Journal of Game Theory, Springer, vol. 42(4), pages 973-988, November.
  2. Habis, Helga & Herings, P. Jean-Jacques, 2011. "Transferable utility games with uncertainty," Journal of Economic Theory, Elsevier, vol. 146(5), pages 2126-2139, September.
  3. Hellman, Ziv, 2008. "Bargaining Set Solution Concepts in Dynamic Cooperative Games," MPRA Paper 8798, University Library of Munich, Germany.
  4. Predtetchinski,Arkadi & Herings,Jean-Jacques, 2001. "The Strong Sequential Core for Two-period Economies," Research Memorandum 005, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  5. Helga Habis & P. Jean-Jacques Herings, 2011. "Core Concepts for Incomplete Market Economies," IEHAS Discussion Papers 1119, Institute of Economics, Centre for Economic and Regional Studies, Hungarian Academy of Sciences.
  6. Predtetchinski, Arkadi, 2007. "The strong sequential core for stationary cooperative games," Games and Economic Behavior, Elsevier, vol. 61(1), pages 50-66, October.
  7. Habis Helga & Herings P. Jean-Jacques, 2009. "Cooperation Under Incomplete Contracting," Research Memorandum 026, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).
  8. Ehud Lehrer & Marco Scarsini, 2013. "On the Core of Dynamic Cooperative Games," Dynamic Games and Applications, Springer, vol. 3(3), pages 359-373, September.
  9. Ziv Hellman, 2009. "Bargaining Set Solution Concepts in Repeated Cooperative Games," Discussion Paper Series dp523, The Center for the Study of Rationality, Hebrew University, Jerusalem.
  10. Habis Helga & Herings P. Jean-Jacques, 2010. "A Note on The Weak Sequential Core of Dynamic TU Games," Research Memorandum 022, Maastricht University, Maastricht Research School of Economics of Technology and Organization (METEOR).

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