We examine the notion of the core when cooperation takes place in a setting with time and uncertainty. We do so in a two-period general equilibrium setting with incomplete markets. Market incompleteness implies that players cannot make all possible binding commitments regarding their actions at...

We introduce the concept of a transferable utility game with uncertainty (TUUgame). In a TUU-game there is uncertainty regarding the payoffs of coalitions. One out of a finite number of states of nature may materialize and conditional on the state, the players are involved in a particular...

We introduce the concept of a TUU-game, a transferable utility game with uncertainty. In a TUU-game there is uncertainty regarding the payoffs of coalitions. One out of a finite number of states of nature materializes and conditional on the state, the players are involved in a particular...