The Weak Sequential Core for Two-Period Economies
We adapt the core concept to deal with economies in which trade in assets takes place at period 1, uncertainty about asset payoffs is released at period 2, and agents trade in commodities afterwards. We define the weak sequential core as the set of allocations that are stable against coalitional deviations ex ante, and moreover cannot be improved upon by any coalition once the uncertainty is being released. We restrict ourselves to credible deviations, i.e. coalitional deviations at period 1 that cannot be counterblocked by some subcoalition at period 2. We study the relationship of the resulting core concept with other sequential core concepts, give sufficient conditions under which the weak sequential core is non-empty, but show that it is possible to give reasonable examples where it is empty.
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Volume (Year): 34 (2006)
Issue (Month): 1 (April)
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References listed on IDEAS
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- Gale, Douglas, 1978. "The core of a monetary economy without trust," Journal of Economic Theory, Elsevier, vol. 19(2), pages 456-491, December.
- Predtetchinski, Arkadi & Herings, P. Jean-Jacques & Peters, Hans, 2002.
"The strong sequential core for two-period economies,"
Journal of Mathematical Economics,
Elsevier, vol. 38(4), pages 465-482, December.
- P.J.J. Herings & H. Peeters, 2001. "The Strong Sequential Core for Two-period Economies," Microeconomics 0111002, EconWPA.
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- Ray, Debraj, 1989. "Credible Coalitions and the Core," International Journal of Game Theory, Springer;Game Theory Society, vol. 18(2), pages 185-187.
- Becker, Robert A & Chakrabarti, Subir K, 1995. "The Recursive Core," Econometrica, Econometric Society, vol. 63(2), pages 401-423, March.
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