Showing 1 - 10 of 164
This paper provides a general overview of the literature on the core of an exchange economy with asymmetric information …. Incentive compatibility is emphasized in studying core concepts at the ex ante and interim stage. The analysis includes issues … of non-emptiness of the core as well as core convergence to price equilibrium allocations. …
Persistent link: https://www.econbiz.de/10010318870
information that coalitions can share. The coarse and fine core, as originally defined by Wilson (1978), correspond to two polar …An appropriate (interim) notion of the core for an economy with incomplete information depends on the amount of … cases, involving no information sharing and arbitrary information sharing, respectively. We propose a new core notion, the …
Persistent link: https://www.econbiz.de/10010318904
information that coalitions can share. The coarse and fine core, as originally defined by Wilson (1978), correspond to two polar …An appropriate (interim) notion of the core for an economy with incomplete information depends on the amount of … credible core, which incorporates incentive compatibility constraints, and is based on the idea that a coalition can coordinate …
Persistent link: https://www.econbiz.de/10010318931
We provide nonemptiness results of approximate interim cores with endogenous communication in large quasilinear economies, where every agent's informational size is small. We offer results for both replica and more general sequences of economies.
Persistent link: https://www.econbiz.de/10011890497
information that coalitions can share. The coarse and fine core, as originally defined by Wilson (1978), correspond to two polar …An appropriate (interim) notion of the core for an economy with incomplete information depends on the amount of … cases, involving no information sharing and arbitrary information sharing, respectively. We propose a new core notion, the …
Persistent link: https://www.econbiz.de/10014064877
This paper provides a noncooperative approach to core stability in an economy with incomplete information. The analysis … covers general exchange economies, although our tightest results hold when effective coalitions consist of at most two … Serrano and Vohra (1997) to implement the core of a complete information economy. This leads to a version of the core that we …
Persistent link: https://www.econbiz.de/10013297636
We analyze the ex ante incentive compatible core for replicated private information economies. We show that any … allocation in the core when the economy is replicated sufficiently often is approximately Walrasian for the associated Arrow …
Persistent link: https://www.econbiz.de/10014074477
, including theorems guaranteeing that the core is nonempty. Then the basic pure exchange economy is extended to include … asymmetric information. The possibilities for such models to generate cooperative games are examined. Here the core is emphasized …
Persistent link: https://www.econbiz.de/10014214463
In large quasilinear economies, we provide sufficient conditions to establish the nonemptiness of several versions of approximate interim cores with endogenous communication. This is done by proving nonemptiness of approximate ex post cores satisfying incentive compatibility. When the number of...
Persistent link: https://www.econbiz.de/10011405139
This paper surveys implementation theory when players have incomplete or asymmetric information, especially in economic environments. After the basic problem is introduced, the theory of implementation is summarized. Some coalitional considerations for implementation problems are discussed. For...
Persistent link: https://www.econbiz.de/10012770273