Incentive compatibility and information superiority of the core of an economy with differential information
نویسندگان
چکیده
منابع مشابه
Incentive compatibility and information superiority of the core of an economy with differential information
We analyse the coarse, the fine, and the private core allocation of an exchange economy with differential information. The basic questions that we address are whether the above concepts are: (i) coalitionally incentive compatible, i.e., does truthful revelation of information in each coalition occur; and (ii) taking into account the information superiority or information advantage of an agent. ...
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We consider an exchange economy in which agents possess private information at the time of engaging in state contingent contracts. While communication of private information is permitted, the true information state is not verifiable. The enforcement of contracts is, therefore, limited by incentive compatibility constraints. We formalize a notion of the core for such an economy. Our analysis can...
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-----------------------------We show that the (interim) fine core of an atomless exchange economy with differential information is a subset of the ex-post core of the economy. Moreover, the interim fine core may be empty, and therefore it may be a proper subset of the ex-post core. The inclusion relation does not hold for economies with a finite number of traders.
متن کاملThe core of an economy with differential information
An exchange economy with differential information consists of a finite set of agents each of whom is characterized by a random utility function, a random initial endowment, a private information set and a prior. The purpose of this paper is to study the following questions: How does one define the notion of the core in an exchange economy with differential information? What is the appropriate c...
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ژورنال
عنوان ژورنال: Economic Theory
سال: 1993
ISSN: 0938-2259,1432-0479
DOI: 10.1007/bf01212914