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Core, Value and Equilibria for Market Games: On a Problem of Aumann and Shapley

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  • Butnariu, Dan
  • Klement, Erich Peter

Abstract

In this note a partial solution of Open Problem 41C of Aumann and Shapley (1974) is presented. A sufficient condition for the Aumann-Shapley value of a market game to exist, to be contained in its core, and to be the competitive payoff distribution of a transferable utility competitive equilibrium is given. In this context, balancedness and theta-balancedness criteria for large classes of cooperative games are proven.

Suggested Citation

  • Butnariu, Dan & Klement, Erich Peter, 1996. "Core, Value and Equilibria for Market Games: On a Problem of Aumann and Shapley," International Journal of Game Theory, Springer;Game Theory Society, vol. 25(2), pages 149-160.
  • Handle: RePEc:spr:jogath:v:25:y:1996:i:2:p:149-60
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    Cited by:

    1. Tapking, Jens, 2006. "Multiple equilibrium overnight rates in a dynamic interbank market game," Games and Economic Behavior, Elsevier, vol. 56(2), pages 350-370, August.

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