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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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  8. Anderson, Robert M, 1978. "An Elementary Core Equivalence Theorem," Econometrica, Econometric Society, vol. 46(6), pages 1483-87, November.
  9. 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.
  10. Forges, F. & Heifetz, A. & Minelli, E., 1999. "Incentive Compatible Core and Competitive Equilibria in Differential Information Economics," Papers 99-06, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
  11. Myrna Holtz Wooders, 1992. "Large Games and Economies With Effective Small Groups," Discussion Paper Serie B 215, University of Bonn, Germany, revised Aug 1992.
  12. Wooders, Myrna Holtz, 1988. "Stability of jurisdiction structures in economies with local public goods," Mathematical Social Sciences, Elsevier, vol. 15(1), pages 29-49, February.
  13. Konishi, Hideo & Le Breton, Michel & Weber, Shlomo, 1998. "Equilibrium in a Finite Local Public Goods Economy," Journal of Economic Theory, Elsevier, vol. 79(2), pages 224-244, April.
  14. Alejandro Manelli, 1989. "Monotonic Preferences and Core Equivalence," Discussion Papers 859, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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  18. Crawford, Vincent P., 1991. "Comparative statics in matching markets," Journal of Economic Theory, Elsevier, vol. 54(2), pages 389-400, August.
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  23. Wooders, Myrna Holtz, 1994. "Equivalence of Games and Markets," Econometrica, Econometric Society, vol. 62(5), pages 1141-60, September.
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  28. Ostroy, Joseph M, 1984. "A Reformulation of the Marginal Productivity Theory of Distribution," Econometrica, Econometric Society, vol. 52(3), pages 599-630, May.
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