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On reasonable outcomes and the core in cooperative TU games

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  • Francesc Llerena
  • Carles Rafels

Abstract

We provide a different axiomatization of the core interpreted as a reasonable set (Milnor, 1952) and introduce a new property, called max-intersection, related with the vector lattice structure of cooperative games with transferable utility. In particular, it is shown that the core is the only solution satisfying projection consistency, reasonability, max-intersection and modularity.

Suggested Citation

  • Francesc Llerena & Carles Rafels, 2015. "On reasonable outcomes and the core in cooperative TU games," Working Papers 160, Barcelona School of Economics.
    • Handle: RePEc:bge:wpaper:160
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    References listed on IDEAS

    as
    1. Anindya Bhattacharya, 2004. "On the equal division core," Social Choice and Welfare, Springer;The Society for Social Choice and Welfare, vol. 22(2), pages 391-399, April.
    2. Thomson, A., 1989. "The Consistency Principle," RCER Working Papers 192, University of Rochester - Center for Economic Research (RCER).
    3. Keiding, Hans, 1986. "An axiomatization of the core of a cooperative game," Economics Letters, Elsevier, vol. 20(2), pages 111-115.
    4. Thomson, W., 1996. "Consistent Allocation Rules," RCER Working Papers 418, University of Rochester - Center for Economic Research (RCER).
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    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • C78 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Bargaining Theory; Matching Theory

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