. The core predicts a unique and extreme outcome: the entire surplus is split evenly among the buyers when m > n and among … the sellers when m < n; the long side gets nothing. We test this core conjecture in the lab with n + m = 3 or 5 randomly … agreements while trading. Despite frequent attempts to collude and occasional large deviations from the core prediction, we find …

buy (sell) a single unit of an indivisible good. The core predicts a unique and extreme outcome: the entire surplus is … split evenly among the buyers when m gt; n and among the sellers when m lt; n; the long side gets nothing. We test this core … deviations from the core prediction, we find that successful collusion is infrequent in both new institutions. A disproportionate …

and decreasing over time even with institutions that facilitate collusion and, consistent with core theory, a …A longstanding criticism of the core is that it is too sensitive to small changes in player numbers, as in a well known …

rather than a risk-less pie. Contrary to theory, the comparatively less risk adverse residual claimants benefit the most …