Showing 1 - 6 of 6
Consider an exchange economy with a finite number of agents, who are arbitragers, in that they try to upset allocations imagining plausible beneficial trades. Their thought process is interactive, in that agents are conscious that the others are also going through the same steps. With this...
Persistent link: https://www.econbiz.de/10010420239
We analyze an economy with asymmetric information and endogenize the possibilities for information transmission between members of a coalition. We then define a concept of the Core that takes into account these communication possibilities. The internal consistency of the improvements is...
Persistent link: https://www.econbiz.de/10010420252
We propose two generalizations of the Davis and Maschler (1965) reduced game property to economies with asymmetric information and apply them in the characterization of two solution concepts. One is Wilson's (1978) Coarse Core and the other is a subsolution of it which we call the Coarse+ Core.
Persistent link: https://www.econbiz.de/10010420253
In an exchange economyw ith a finite number of indivisible goods, we analyze a dynamic trading process of coalitional recontracting where agents may make mistakes with small probability. We show first that the recurrent classes of the unperturbed (mistakefree) process consist of (i) all core...
Persistent link: https://www.econbiz.de/10010318892
We examine the problem of measuring influence based on the information contained in the data on the communications between scholarly publications, judicial decisions, patents, web pages, and other entities. The measurement of influence is useful to address several empirical questions such as...
Persistent link: https://www.econbiz.de/10010318912
We study decentralized trade processes in general exchange economies and house allocation problems with and without money. Such processes are subject to persistent random shocks stemming from agents’ maximization of random utility. By imposing structure on the utility noise term —logit...
Persistent link: https://www.econbiz.de/10010318996