Title: | On cores and indivisibility |

Author: | Lloyd Shapley and Herbert Scarf |

Journal: | Journal of Mathematical Economics |

Volume: | 1 |

Number: | 1 |

Pages: | 23--37 |

Year: | 1974 |

DOI: | 10.1016/0304-4068(74)90033-0 |

Abstract: | An economic model of trading in commodities that are inherently indivisible, like houses, is investigated from a game-theoretic point of view. The concepts of balanced game and core are developed, and a general theorem of Scarf's is applied to prove that the market in question has a nonempty core, that is, at least one outcome that no subset of traders can improve upon. A number of examples are discussed, and the final section reviews a series of other models involving indivisible commodities, with references to the literature. |

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@Article{shapley74a, author = {Lloyd Shapley and Herbert Scarf}, title = {On cores and indivisibility}, journal = {Journal of Mathematical Economics}, year = 1974, volume = 1, number = 1, pages = {23--37}, abstract = {An economic model of trading in commodities that are inherently indivisible, like houses, is investigated from a game-theoretic point of view. The concepts of balanced game and core are developed, and a general theorem of Scarf's is applied to prove that the market in question has a nonempty core, that is, at least one outcome that no subset of traders can improve upon. A number of examples are discussed, and the final section reviews a series of other models involving indivisible commodities, with references to the literature.}, doi = {10.1016/0304-4068(74)90033-0}, cluster = {8012122590125233647} }Last modified: Wed Mar 9 10:13:32 EST 2011