A Noncooperative Reformulation of the Core (Preliminary and Not for Circulation)
نویسنده
چکیده
It is proved that the core in a general setting for cooperative games is equal to the set of subgame perfect equilibria of a noncooperative game of competing contracts. A coalitional deviation in a cooperative game corresponds to, in the noncooperative game, the involved agents’ participation in a contract proposed by a deviating principal. ∗Department of Economics, Iowa State University, 260 Heady Hall, Ames, IA 50011, [email protected], http://www.econ.iastate.edu/people/faculty/CV/669czheng.html.
منابع مشابه
A Noncooperative Reformulation of the Core
The concept of the core is reformulated to handle externality problems where the total payoff for a coalition depends upon the actions of the players outside the coalition. A deviating coalition has rational expectations of the outsiders’ individual attempts to stop the deviation and their coalitional response if the deviaiton cannot be stopped, with the coalitional response itself a core solut...
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