Given that the value of individual production of carol and, Ask an Expert

Economics

Given that the value of individual production of Carol and Tessie is zero, while their combined production is positive, we may conclude that:

1. The core is empty.

2. The coalition is not individually rational.

3. Any allocation of payoffs from the coalition will lie within the core.

4. Any subset of the grand coalition can credibly threaten to block the coalition.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91225664

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