The Ex Ante incentive Compatible Core in the Absence of Wealth Effects.

In a differential information economy with quasi-linear utilities, monetary transfers facilitate the fulfillment of incentive compatibility constraints: the associated ex ante core is generically non-empty. How ever, we exhibit a well-behaved exchange economy in which this core is empty, even if goods are allocated through random mechanisms.

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Year of publication:	2001
Authors:	Forges, F. ; Mertens, J.-F. ; Vohra, R.
Institutions:	Center for Operations Research and Econometrics (CORE), École des Sciences Économiques de Louvain
Subject:	INFORMATION \| MONETARY POLICY \| WEALTH

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Series:	Papers.
Type of publication:	Book / Working Paper
Notes:	27 pages
Classification:	C71 - Cooperative Games ; D82 - Asymmetric and Private Information ; D51 - Exchange and Production Economies
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005779439