The strong sequential core for two-period economies
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.
(This abstract was borrowed from another version of this item.)
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
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.:
- Mas-Colell,Andreu, 1985.
"The Theory of General Economic Equilibrium,"
Cambridge University Press, number 9780521265140, December.
- Leonidas C. Koutsougeras, 1998. "A two-stage core with applications to asset market and differential information economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 11(3), pages 563-584.
- P. Herings & A. Predtetchinski & A. Perea, 2006.
"The Weak Sequential Core for Two-Period Economies,"
International Journal of Game Theory,
Springer;Game Theory Society, vol. 34(1), pages 55-65, April.
- Rajiv Vohra, 1997.
"Incomplete Information, Incentive Compatibility and the Core,"
97-11, Brown University, Department of Economics.
- Vohra, Rajiv, 1999. "Incomplete Information, Incentive Compatibility, and the Core," Journal of Economic Theory, Elsevier, vol. 86(1), pages 123-147, May.
- Gale, Douglas, 1978. "The core of a monetary economy without trust," Journal of Economic Theory, Elsevier, vol. 19(2), pages 456-491, December.
- DEBREU, Gérard, "undated".
CORE Discussion Papers RP
132, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Rafael Repullo, 1988. "The Core of an Economy with Transaction Costs," Review of Economic Studies, Oxford University Press, vol. 55(3), pages 447-458.
- Laurence Kranich & Andres Perea & Hans Peters, 2000. "Dynamic Cooperative Games," Discussion Papers 00-06, University at Albany, SUNY, Department of Economics.
When requesting a correction, please mention this item's handle: RePEc:eee:mateco:v:38:y:2002:i:4:p:465-482. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Dana Niculescu)
If references are entirely missing, you can add them using this form.