Incentive compatible core and competitive equilibria in differential information economies
AbstractIf the allocations of a differential information economy are defined as incentive compatible state-contingent lotteries over consumption goods, competitive equilibrium allocations exist and belong to the (ex ante incentive) core. Furthermore, any competitive equilibrium allocation can be viewed as an element of the core of the n-fold replicated economy, for every n. The converse holds under the further assumption of independent private values but not in general, as shown by a counter-example.
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 18 (2001)
Issue (Month): 2 ()
Note: Received: August 9, 1999; revised version: September 12, 1999
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Other versions of this item:
- F. Forges & A. Heifetz & E. Minelli, 1999. "Incentive compatible core and competitive equilibria in differential information economies," THEMA Working Papers 99-06, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
- Forges, F. & Heifetz, A. & Minelli, E., 1999. "Incentive Compatible Core and Competitive Equilibria in Differential Information Economics," Papers 99-06, Paris X - Nanterre, U.F.R. de Sc. Ec. Gest. Maths Infor..
- Forges, F. & Heifetz, A. & Minelli, E., 1999. "Incentive Compatible Core and Competitive Equilibria in Differential Information Economies," Papers 34-99, Tel Aviv.
- FORGES, Françoise & HEIFETZ , Aviad & MINELLI, Enrico, . "Incentive compatible core and competitive equilibria in differential information economies," CORE Discussion Papers RP -1555, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Forges, Françoise & Heifetz, Aviad & Minelli, Enrico, 2001. "Incentive compatible core and competitive equilibria in differential information economies," Economics Papers from University Paris Dauphine 123456789/5451, Paris Dauphine University.
- D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
- C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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