Consistent Values and the Core in Continuum Market Games with Two Types

Abstract:

The consistent value is an extension of the Shapley value to the class of games with non-transferable utility In this paper, the consistent value will be characterized for market games with a continuum of players of 2 types. We will show that for such games the consistent value need not belong to the core, and conditions under which there is equivalence between the two concepts will be given.

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