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A Note on the Incentive Compatible Core

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  • Forges, Francoise
  • Minelli, Enrico

Abstract

We identify particular exchange economies with asymmetric information in which the ex ante incentive compatible core is nonempty provided that coalitions can allocate goods by means of random mechanisms. Both the use of random mechanisms and the restriction to a specific class of economies are crucial for the result. Indeed, the ex ante incentive compatible core can be empty (i) in our class of economies if coalitions can only use deterministic mechanisms and (ii) outside this class, even if random mechanisms are allowed.

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 98 (2001)
Issue (Month): 1 (May)
Pages: 179-188

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Handle: RePEc:eee:jetheo:v:98:y:2001:i:1:p:179-188

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Web page: http://www.elsevier.com/locate/inca/622869

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  1. Forges, F., 1998. "Le coeur d'une economie d'echange en information asymetrique," Papers 9829, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
  2. Ichiishi, Tatsuro & Idzik, Adam, 1996. "Bayesian Cooperative Choice of Strategies," International Journal of Game Theory, Springer, vol. 25(4), pages 455-73.
  3. Vohra, Rajiv, 1999. "Incomplete Information, Incentive Compatibility, and the Core," Journal of Economic Theory, Elsevier, vol. 86(1), pages 123-147, May.
  4. Holmstrom, Bengt & Myerson, Roger B, 1983. "Efficient and Durable Decision Rules with Incomplete Information," Econometrica, Econometric Society, vol. 51(6), pages 1799-819, November.
  5. Guangsug Hahn & Nicholas C. Yannelis, 1997. "Efficiency and incentive compatibility in differential information economies," Economic Theory, Springer, vol. 10(3), pages 383-411.
  6. Edward C Prescott & Robert M Townsend, 1997. "General Competitive Analysis in an Economy with Private Information," Levine's Working Paper Archive 1578, David K. Levine.
  7. Yannelis, Nicholas C, 1991. "The Core of an Economy with Differential Information," Economic Theory, Springer, vol. 1(2), pages 183-97, April.
  8. Roger B. Myerson, 1977. "Incentive Compatability and the Bargaining Problem," Discussion Papers 284, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  9. Allen, Beth, 1993. "4. Market Games with Asymmetric Information : Verification and the Publicly Predictable Information Core," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 34(Special I), pages 101-122, December.
  10. Koutsougeras, Leonidas C & Yannelis, Nicholas C, 1993. "Incentive Compatibility and Information Superiority of the Core of an Economy with Differential Information," Economic Theory, Springer, vol. 3(2), pages 195-216, April.
  11. Francoise Forges & Jean-Francois Mertens & Rajiv Vohra, 2001. "The Ex Ante Incentive Compatible Core in the absence of wealth effects," Working Papers 2001-01, Brown University, Department of Economics.
  12. Oscar Volij, 1997. "Communication, Credible Improvements and the Core of an Economy with Asymmetric Information," Game Theory and Information 9711001, EconWPA.
  13. Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, vol. 46(4), pages 807-16, July.
  14. ALLEN, Beth, 1992. "Incentives in market games with asymmetric information: The core," CORE Discussion Papers 1992021, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  15. Postlewaite, Andrew & Schmeidler, David, 1986. "Implementation in differential information economies," Journal of Economic Theory, Elsevier, vol. 39(1), pages 14-33, June.
  16. repec:fth:louvco:0101 is not listed on IDEAS
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