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1989•Mathematics of Operations ResearchRequires access

An Axiomatization of the Core of Market Games

Bezalel Peleg

Open publisher page 37 citations

Abstract

We provide an axiomatization of the core of market games (totally balanced coalitional games). We prove that the core is fully characterized by the following five independent properties: (i) nonemptiness; (ii) individual rationality; (iii) superadditivity; (iv) the weak reduced game property; and (v) the converse reduced game property. Also, we consider a possible alternative characterization.

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What this paper is about

We provide an axiomatization of the core of market games (totally balanced coalitional games). We prove that the core is fully characterized by the following five independent properties: (i) nonemptiness; (ii) individual rationality; (iii) superadditivity; (iv) the weak reduced game property; and (v) the converse reduced game property. Also, we consider a possible alternative characterization.

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OpenAlex reports 37 citations for this work. Citation counts describe recorded attention and do not establish research quality.

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Available abstract

We provide an axiomatization of the core of market games (totally balanced coalitional games). We prove that the core is fully characterized by the following five independent properties: (i) nonemptiness; (ii) individual rationality; (iii) superadditivity; (iv) the weak reduced game property; and (v) the converse reduced game property. Also, we consider a possible alternative characterization.

Key concepts: Superadditivity, Converse, Mathematics, Mathematical economics, Core (optical fiber), Characterization (materials science), Property (philosophy), Rationality

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