Forges, Francoise; Mertens, Jean-Francois; Vohra, Rajiv - In: Econometrica 70 (2002) 5, pp. 1865-1892
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 nonempty. However, we exhibit a well-behaved exchange economy in which this core is empty, even if...