A Non-Cooperative View of Coalition Formation and the Core

A noncooperative implementation of the core is provided for games with transferable utility. The implementation obtained here is meant to reflect the standard motivation for the core as closely as possible. In the model proposed, time is continuous. This idealized treatment of time is most amenable for capturing an essential feature of the core--there is always time to reject a noncore proposal before it is consumated. Copyright 1994 by The Econometric Society.