Sequential coalition formation and the core in the presence of externalities
The sequential coalition formation model of Bloch (1996) to solve cooperative games with externalities exhibits some anomalies when related to classical concepts. We elaborate on these problems, define a modification of Bloch's model and show that its order-independent equilibria coincide with the (pessimistic) recursive core.
|Date of creation:||Feb 2006|
|Date of revision:||Apr 2008|
|Publication status:||Forthcoming in Games and Economic Behavior|
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