An Axiomatization of the Core of Market Games

We provide an axiomatization of the core of market games (totally balanced coalitional games). We prove that the core is fully characterized by the following five independent properties: (i) nonemptiness; (ii) individual rationality; (iii) superadditivity; (iv) the weak reduced game property; and (v) the converse reduced game property. Also, we consider a possible alternative characterization.