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The Strong Sequential Core for Two-period Economies

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  • P.J.J. Herings

    (University of Maastricht)

  • H. Peeters

Abstract

The strong sequential core for two-stage economies with a possibly incomplete set of assets in period zero and trade in commodities in period one consists of those goods allocatioans that are in the classical core and moreover, after realization of the state of nature, in the endowments. The strong sequential core coincides with the classical core when all possible state-contigent contracts may serve as an asset. For finance economies it is shown that the strong sequential core is generically empty when there is an incomplete set of assets. Outside the setting of finance economies, we show that the strong sequential core can be empty even if there is an complete set of assets. If the set of constrained feasible allocations resulting from trading in assets, is enlarged to include also allocations outside the agents'comsumption sets, then a complete set of assets is sufficient for the equivalence of the resulting semi-strong sequential core and the classical core.

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File URL: http://128.118.178.162/eps/mic/papers/0111/0111002.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Microeconomics with number 0111002.

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Length: 24 pages
Date of creation: 12 Nov 2001
Date of revision:
Handle: RePEc:wpa:wuwpmi:0111002

Note: Type of Document - pdf.format; pages: 24
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Web page: http://128.118.178.162

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References

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  1. Leonidas C. Koutsougeras, 1998. "A two-stage core with applications to asset market and differential information economies," Economic Theory, Springer, vol. 11(3), pages 563-584.
  2. Predtetchinski, A. & Herings, P.J.J. & Perea, A., 2006. "The weak sequential core for two-period economies," Open Access publications from Maastricht University urn:nbn:nl:ui:27-12161, Maastricht University.
  3. Debreu, Gerard, 1972. "Smooth Preferences," Econometrica, Econometric Society, vol. 40(4), pages 603-15, July.
  4. Laurence Kranich & Andres Perea & Hans Peters, 2000. "Dynamic Cooperative Games," Discussion Papers 00-06, University at Albany, SUNY, Department of Economics.
  5. Rajiv Vohra, 1997. "Incomplete Information, Incentive Compatibility and the Core," Working Papers 97-11, Brown University, Department of Economics.
  6. Gale, Douglas, 1978. "The core of a monetary economy without trust," Journal of Economic Theory, Elsevier, vol. 19(2), pages 456-491, December.
  7. Repullo, Rafael, 1988. "The Core of an Economy with Transaction Costs," Review of Economic Studies, Wiley Blackwell, vol. 55(3), pages 447-58, July.
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Cited by:
  1. Predtetchinski, A. & Herings, P.J.J. & Perea, A., 2006. "The weak sequential core for two-period economies," Open Access publications from Maastricht University urn:nbn:nl:ui:27-12161, Maastricht University.
  2. Laurence Kranich & Andrés Perea & Hans Peters, 2005. "Core Concepts For Dynamic Tu Games," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 7(01), pages 43-61.
  3. Helga Habis & P. Jean-Jacques Herings, 2011. "Core Concepts for Incomplete Market Economies," IEHAS Discussion Papers 1119, Institute of Economics, Hungarian Academy of Sciences.
  4. Arkadi Predtetchinski & P. Herings & Hans Peters, 2004. "The strong sequential core in a dynamic exchange economy," Economic Theory, Springer, vol. 24(1), pages 147-162, 07.
  5. 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.
  6. 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.
  7. Predtetchinski, Arkadi, 2007. "The strong sequential core for stationary cooperative games," Games and Economic Behavior, Elsevier, vol. 61(1), pages 50-66, October.
  8. Hellman, Ziv, 2008. "Bargaining Set Solution Concepts in Dynamic Cooperative Games," MPRA Paper 8798, University Library of Munich, Germany.

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