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Envelopes and Geometrical Covers of Side-Payment Games and their Market Representations

Author

Listed:
  • Philippe Artzner

    (Institut de Recherches Mathématiques Avancées - Université Louis Pasteur - Strasbourg I)

  • Claude d'Aspremont

    (CORE - Center of Operation Research and Econometrics [Louvain] - UCL - Université Catholique de Louvain = Catholic University of Louvain)

  • Louis-André Gérard-Varet

    (GREQAM - Groupement de Recherche en Économie Quantitative d'Aix-Marseille - EHESS - École des hautes études en sciences sociales - AMU - Aix Marseille Université - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique)

Abstract

This paper deals with issues concerning the core as a solution concept for games in coalitional form as well as the use of these games in representing economies of a certain formal type. Side-payment games are imbedded in the more general class of no-side-payment games. It is shown that to a given side-payment game having an empty core one may associate two different no-side payment games with the same (nonempty) core: the "envelope" and the "geometrical cover". The discrepancy is explained in terms of market games.

Suggested Citation

  • Philippe Artzner & Claude d'Aspremont & Louis-André Gérard-Varet, 1986. "Envelopes and Geometrical Covers of Side-Payment Games and their Market Representations," Post-Print hal-00950764, HAL.
    • Handle: RePEc:hal:journl:hal-00950764
    DOI: 10.1287/moor.11.1.19
    Note: View the original document on HAL open archive server: https://hal.science/hal-00950764v1
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    References listed on IDEAS

    as
    1. Shapley, Lloyd S. & Shubik, Martin, 1969. "On market games," Journal of Economic Theory, Elsevier, vol. 1(1), pages 9-25, June.
    2. Billera, Louis J., 1974. "On games without side payments arising from a general class of markets," Journal of Mathematical Economics, Elsevier, vol. 1(2), pages 129-139, August.
    3. Jean-Pierre Aubin, 1981. "Cooperative Fuzzy Games," Mathematics of Operations Research, INFORMS, vol. 6(1), pages 1-13, February.
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