| Article ID: | iaor1989643 |
| Country: | United States |
| Volume: | 14 |
| Issue: | 3 |
| Start Page Number: | 448 |
| End Page Number: | 456 |
| Publication Date: | Aug 1989 |
| Journal: | Mathematics of Operations Research |
| Authors: | Peleg Bezalel |
| Keywords: | economics |
The paper provides an axiomatization of the core of market games (totally balanced coalitional games). It proves that the core is fully characterized by the following five independent properties: (i) nonemptiness; (ii) individual rationality; (ii) superadditivity; (iv) the weak reduced game property; and (v) the converse reduced game property. Also, the paper considers a possible alternative characterization.