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On reasonable outcomes and the core in cooperative TU games

Author

Listed:
  • 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, 2005. "On reasonable outcomes and the core in cooperative TU games," Working Papers 160, Barcelona School of Economics.
    • Handle: RePEc:bge:wpaper:160
    as

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    File URL: http://www.barcelonagse.eu/sites/default/files/working_paper_pdfs/160.pdf
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    References listed on IDEAS

    as
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    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).
    5. Unknown, 1986. "Letters," Choices: The Magazine of Food, Farm, and Resource Issues, Agricultural and Applied Economics Association, vol. 1(4), pages 1-9.
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    More about this item

    Keywords

    Cooperative TU games; core; reasonable set;
    All these keywords.

    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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