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Private Information: Similarity as Compatibility

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  • João Correia-da-Silva

    ()

  • Carlos Hervés-Beloso

    ()

Abstract

We investigate the continuity of equilibrium in differential information economies with a finite number of agents. In this setting, agents can make contingent contracts based on events that are commonly observed. With private information modelled as finite partitions of a compact and metrizable space of states of nature, we introduce a topology on information that takes into account the compatibility of information fields in assessing similarity between private information fields. This topology allows us to establish upper semicontinuity of the private core correspondence.

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File URL: http://hdl.handle.net/10.1007/s00199-005-0066-2
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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 30 (2007)
Issue (Month): 3 (March)
Pages: 395-407

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Handle: RePEc:spr:joecth:v:30:y:2007:i:3:p:395-407

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Related research

Keywords: Asymmetric information; Differential information economy; Private core; Topology of common information; C62; D50; D82; G13;

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References

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  1. Cotter, Kevin D., 1987. "Convergence of information, random variables and noise," Journal of Mathematical Economics, Elsevier, vol. 16(1), pages 39-51, February.
  2. Cotter, Kevin D., 1986. "Similarity of information and behavior with a pointwise convergence topology," Journal of Mathematical Economics, Elsevier, vol. 15(1), pages 25-38, February.
  3. Ezra Einy & Ori Haimanko & Diego Moreno & Benyamin Shitovitz, 2005. "On the continuity of equilibrium and core correspondences in economies with differential information," Economic Theory, Springer, vol. 26(4), pages 793-812, November.
  4. Erik Balder & Nicholas Yannelis, 2006. "Continuity properties of the private core," Economic Theory, Springer, vol. 29(2), pages 453-464, October.
  5. HILDENBRAND, Werner & MERTENS, Jean-François, . "Upper hemi-continuity of the equilibrium set correspondence for pure exchange economies," CORE Discussion Papers RP -109, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  6. Kannai, Yakar, 1970. "Continuity Properties of the Core of a Market," Econometrica, Econometric Society, vol. 38(6), pages 791-815, November.
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Cited by:
  1. Carlos Hervés-Beloso & V. Martins-da-Rocha & Paulo Monteiro, 2009. "Equilibrium theory with asymmetric information and infinitely many states," Economic Theory, Springer, vol. 38(2), pages 295-320, February.
  2. Khan, M. Ali & Sun, Yeneng & Tourky, Rabee & Zhang, Zhixiang, 2008. "Similarity of differential information with subjective prior beliefs," Journal of Mathematical Economics, Elsevier, vol. 44(9-10), pages 1024-1039, September.

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