A Note on an Axiomatization of the Core of Market Games

Authors: 
Peter Sudholter & Bezalel Peleg
Abstract: 

As shown by Peleg, the core of market games is characterized by nonemptiness, individual rationality, superadditivity, the weak reduced game property, the converse reduced game property, and weak symmetry. It was not known whether weak symmetry was logically independent. With the help of a certain transitive 4-person TU game it is shown that weak symmetry is redundant in this result. Hence the core on market games is axiomatized by the remaining five properties, if the universe of players contains at least four members.

Date: 
May, 2001
Published in: 
Mathematics of Operations Research 27 (2002), 441-444
Number: 
240