Carles Rafels

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The existence of von Neumann–Morgenstern solutions (stable sets) for bilateral assignment markets is an unsolved question since Shapley and Shubik (1972). In 1984 Shubik proposed to consider, for each optimal matching, the union of the core of the game and the core of the subgames that are compatible with this matching. We prove in the present paper that(More)
The rate of return earned on a deposit can depend on its term, the amount of money invested in it, or both. Most banks, for example, offer a higher interest rate for longer term deposits. This implies that if one individual has capital available for investment now, but needs it in the next period, whereas the opposite holds for another individual, then they(More)