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Efficiency and incentive compatibility in differential information economies

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Author Info
Guangsug Hahn (Department of Economics, University of Illinois, Champaign, IL 61820, USA)
Nicholas C. Yannelis (Department of Economics, University of Illinois, Champaign, IL 61820, USA)
Abstract

We introduce several efficiency notions depending on what kind of expected utility is used (ex ante, interim, ex post) and on how agents share their private information, i.e., whether they redistribute their initial endowments based on their own private information, or common knowledge information, or pooled information. Moreover, we introduce several Bayesian incentive compatibility notions and identify several efficiency concepts which maintain (coalitional) Bayesian incentive compatibility.

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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 10 (1997)
Issue (Month): 3 ()
Pages: 383-411
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Handle: RePEc:spr:joecth:v:10:y:1997:i:3:p:383-411

Note: Received: March 25, 1996; revised September 5, 1996
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  1. Yeneng Sun & Nicholas Yannelis, 2008. "Ex ante efficiency implies incentive compatibility," Economic Theory, Springer, vol. 36(1), pages 35-55, July. [Downloadable!] (restricted)
  2. João Correia-da-Silva & Carlos Hervés-Beloso, 2009. "Prudent expectations equilibrium in economies with uncertain delivery," Economic Theory, Springer, vol. 39(1), pages 67-92, April. [Downloadable!] (restricted)
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  3. Glycopantis, Dionysius & Muir, Allan & Yannelis, Nicholas C., 2004. "Non-implementation of Rational Expectations as a Perfect Bayesian Equilibrium," Economics Series 148, Institute for Advanced Studies. [Downloadable!]
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  4. Dionysius Glycopantis & Allan Muir & Nicholas Yannelis, 2009. "On non-revealing rational expectations equilibrium," Economic Theory, Springer, vol. 38(2), pages 351-369, February. [Downloadable!] (restricted)
  5. Oscar Volij & Darin Lee, 1997. "The Core of Economies with Asymmetric Information: An Axiomatic Approach," Game Theory and Information 9706002, EconWPA. [Downloadable!]
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  6. Erik Balder & Nicholas Yannelis, 2009. "Bayesian–Walrasian equilibria: beyond the rational expectations equilibrium," Economic Theory, Springer, vol. 38(2), pages 385-397, February. [Downloadable!] (restricted)
  7. Francoise Forges & Enrico Minelli & Rajiv Vohra, 2000. "Incentives and the Core of an Exchange Economy: A Survey," Working Papers 2000-22, Brown University, Department of Economics. [Downloadable!]
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  8. Laura Angeloni & V. Martins-da-Rocha, 2009. "Large economies with differential information and without free disposal," Economic Theory, Springer, vol. 38(2), pages 263-286, February. [Downloadable!] (restricted)
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