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The Weak Sequential Core for Two-period Economies

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Author Info
Predtetchinski A. (Universiteit Maastricht)
Herings P.J.J. (Universiteit Maastricht)
Perea A. (Universiteit Maastricht)

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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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Paper provided by EconWPA in its series Game Theory and Information with number 0203008.

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Length: 30 pages
Date of creation: 25 Mar 2002
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Handle: RePEc:wpa:wuwpga:0203008

Note: Type of Document - pdf.format; pages: 30 ; figures: included
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Keywords: Core assets;

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Find related papers by JEL classification:
C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
C73 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Stochastic and Dynamic Games; Evolutionary Games
D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Gale, Douglas, 1978. "The core of a monetary economy without trust," Journal of Economic Theory, Elsevier, vol. 19(2), pages 456-491, December. [Downloadable!] (restricted)
  2. Becker, Robert A & Chakrabarti, Subir K, 1995. "The Recursive Core," Econometrica, Econometric Society, vol. 63(2), pages 401-23, March. [Downloadable!] (restricted)
  3. Ray, Debraj, 1989. "Credible Coalitions and the Core," International Journal of Game Theory, Springer, vol. 18(2), pages 185-87.
  4. 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. [Downloadable!] (restricted)
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Predtetchinski,Arkadi & Herings,Jean-Jacques, 2001. "The Strong Sequential Core for Two-period Economies," Research Memoranda 005, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization. [Downloadable!]
    Other versions:
  2. Hellman, Ziv, 2008. "Bargaining Set Solution Concepts in Dynamic Cooperative Games," MPRA Paper 8798, University Library of Munich, Germany. [Downloadable!]
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