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Approximate cores of games and economies with clubs

  • Kovalenkov, Alexander
  • Wooders, Myrna

We introduce the framework of parameterized collections of games and provide three nonemptiness of approximate core theorems for arbitrary games with and without sidepayments. The parameters bound (a) the number of approx-imate types of players and the size of the approximation and (b) the size of nearly effective groups of players and their distance from exact effectiveness. The theorems are based on a new notion of partition-balanced pro les and approximately partition-balanced profiles. The results are then applied to a new model of an economy with clubs. In contrast to the extant literature, our approach allows both widespread externalities and uniform results.

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Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 110 (2003)
Issue (Month): 1 (May)
Pages: 87-120

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Handle: RePEc:eee:jetheo:v:110:y:2003:i:1:p:87-120
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622869

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  15. Kovalenkov, Alexander & Wooders, Myrna Holtz, 1999. "An Explicit Bound on E For Nonemptimess of E-Cores of Games," The Warwick Economics Research Paper Series (TWERPS) 537, University of Warwick, Department of Economics.
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  18. Wooders, Myrna Holtz, 1983. "The epsilon core of a large replica game," Journal of Mathematical Economics, Elsevier, vol. 11(3), pages 277-300, July.
  19. Alexander Kovalenkov & Myrna Holtz Wooders, 1997. "An explicit bound on," Working Papers mwooders-98-04, University of Toronto, Department of Economics.
  20. Forges, F. & Heifetz, A. & Minelli, E., 1999. "Incentive Compatible Core and Competitive Equilibria in Differential Information Economies," Papers 34-99, Tel Aviv.
  21. Shubik, Martin & Wooders, Myrna Holtz, 1983. "Approximate cores of replica games and economies. Part I: Replica games, externalities, and approximate cores," Mathematical Social Sciences, Elsevier, vol. 6(1), pages 27-48, October.
  22. Manelli, Alejandro M, 1991. "Monotonic Preferences and Core Equivalence," Econometrica, Econometric Society, vol. 59(1), pages 123-38, January.
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  24. Roth, Alvin E. & Sotomayor, Marilda, 1992. "Two-sided matching," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 16, pages 485-541 Elsevier.
  25. Wooders,Myrna, . "The efficaciousness of small groups and the approximate core property in games without side payments: Some first results," Discussion Paper Serie B 179, University of Bonn, Germany.
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  28. Bennett, Elaine & Wooders, Myrna, 1979. "Income distribution and firm formation," Journal of Comparative Economics, Elsevier, vol. 3(3), pages 304-317, September.
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