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Communication, credible improvements and the core of an economy with asymmetric information

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  • Oscar Volij

    ()
    (Economics Department, Brown University, Providence, Rhode Island 02912-B, USA Department of Economics, The Hebrew University of Jerusalem, Jerusalem 91905, Israel)

Abstract

We analyze an economy with asymmetric information and endogenize the possibilities for information transmission between members of a coalition. We then define a concept of the Core that takes into account these communication possibilities. The internal consistency of the improvements is considered and an Internally Consistent Core, which requires credibility from the improvements is introduced.

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Bibliographic Info

Article provided by Springer in its journal International Journal of Game Theory.

Volume (Year): 29 (2000)
Issue (Month): 1 ()
Pages: 63-79

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Handle: RePEc:spr:jogath:v:29:y:2000:i:1:p:63-79

Note: Received: September 1998/revised version: June 1999
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Related research

Keywords: Asymmetric information; core; common knowledge;

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  1. Sergiu Hart & Yair Tauman, 2004. "Market Crashes without External Shocks," The Journal of Business, University of Chicago Press, vol. 77(1), pages 1-8, January.
  2. Dutta, Bhaskar & Vohra, Rajiv, 2005. "Incomplete information, credibility and the core," Mathematical Social Sciences, Elsevier, vol. 50(2), pages 148-165, September.
  3. Rajiv Vohra, 1997. "Incomplete Information, Incentive Compatibility and the Core," Working Papers 97-11, Brown University, Department of Economics.
  4. Bengt Holmstrom & Roger B. Myerson, 1981. "Efficient and Durable Decision Rules with Incomplete Information," Discussion Papers 495, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  5. Milgrom, Paul & Stokey, Nancy, 1982. "Information, trade and common knowledge," Journal of Economic Theory, Elsevier, vol. 26(1), pages 17-27, February.
  6. Ray, Debraj, 1989. "Credible Coalitions and the Core," International Journal of Game Theory, Springer, vol. 18(2), pages 185-87.
  7. John Geanakoplos & Heracles M. Polemarchakis, 1982. "We Can't Disagree Forever," Cowles Foundation Discussion Papers 639, Cowles Foundation for Research in Economics, Yale University.
  8. Geanakoplos, John D. & Polemarchakis, Heraklis M., 1982. "We can't disagree forever," Journal of Economic Theory, Elsevier, vol. 28(1), pages 192-200, October.
  9. Bernheim, B. Douglas & Peleg, Bezalel & Whinston, Michael D., 1987. "Coalition-Proof Nash Equilibria I. Concepts," Journal of Economic Theory, Elsevier, vol. 42(1), pages 1-12, June.
  10. Stefan KRASA, 1997. "Efficiency with Incomplete Information," Vienna Economics Papers vie9707, University of Vienna, Department of Economics.
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