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The Strong Sequential Core for Two-period Economies

  • P.J.J. Herings

    (University of Maastricht)

  • H. Peeters

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.

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File URL: http://econwpa.repec.org/eps/mic/papers/0111/0111002.pdf
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Paper provided by EconWPA in its series Microeconomics with number 0111002.

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Length: 24 pages
Date of creation: 12 Nov 2001
Date of revision:
Handle: RePEc:wpa:wuwpmi:0111002
Note: Type of Document - pdf.format; pages: 24
Contact details of provider: Web page: http://econwpa.repec.org

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  1. P. Herings & A. Predtetchinski & A. Perea, 2006. "The Weak Sequential Core for Two-Period Economies," International Journal of Game Theory, Springer, vol. 34(1), pages 55-65, April.
  2. Leonidas C. Koutsougeras, 1998. "A two-stage core with applications to asset market and differential information economies," Economic Theory, Springer, vol. 11(3), pages 563-584.
  3. Vohra, Rajiv, 1999. "Incomplete Information, Incentive Compatibility, and the Core," Journal of Economic Theory, Elsevier, vol. 86(1), pages 123-147, May.
  4. Debreu, Gerard, 1972. "Smooth Preferences," Econometrica, Econometric Society, vol. 40(4), pages 603-15, July.
  5. Gale, Douglas, 1978. "The core of a monetary economy without trust," Journal of Economic Theory, Elsevier, vol. 19(2), pages 456-491, December.
  6. Repullo, Rafael, 1988. "The Core of an Economy with Transaction Costs," Review of Economic Studies, Wiley Blackwell, vol. 55(3), pages 447-58, July.
  7. Laurence Kranich & Andres Perea & Hans Peters, 2000. "Dynamic Cooperative Games," Discussion Papers 00-06, University at Albany, SUNY, Department of Economics.
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