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

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Author Info

  • 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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References

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  1. 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.
  2. 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.
  3. Dutta, Bhaskar & Vohra, Rajiv, 2005. "Incomplete information, credibility and the core," Mathematical Social Sciences, Elsevier, vol. 50(2), pages 148-165, September.
  4. 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.
  5. Stefan KRASA, 1997. "Efficiency with Incomplete Information," Vienna Economics Papers vie9707, University of Vienna, Department of Economics.
  6. Vohra, Rajiv, 1999. "Incomplete Information, Incentive Compatibility, and the Core," Journal of Economic Theory, Elsevier, vol. 86(1), pages 123-147, May.
  7. Geanakoplos, John D. & Polemarchakis, Heraklis M., 1982. "We can't disagree forever," Journal of Economic Theory, Elsevier, vol. 28(1), pages 192-200, October.
  8. John Geanakoplos & Heracles M. Polemarchakis, 1982. "We Can't Disagree Forever," Cowles Foundation Discussion Papers 639, Cowles Foundation for Research in Economics, Yale University.
  9. Milgrom, Paul & Stokey, Nancy, 1982. "Information, trade and common knowledge," Journal of Economic Theory, Elsevier, vol. 26(1), pages 17-27, February.
  10. Ray, Debraj, 1989. "Credible Coalitions and the Core," International Journal of Game Theory, Springer, vol. 18(2), pages 185-87.
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Citations

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Cited by:
  1. Roberto Serrano & Rajiv Vohra, 2005. "Information Transmission in Coalitional Voting Games," Working Papers 2005-01, Brown University, Department of Economics.
  2. FORGES, Françoise & MERTENS, Jean-François & VOHRA, Rajiv, 2001. "The ex ante incentive compatible core in the absence of wealth effects," CORE Discussion Papers 2001001, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. FORGES, Françoise & MINELLI, Enrico & VOHRA, Rajiv, 2001. "Incentives and the core of an exchange economy: a survey," CORE Discussion Papers 2001043, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  4. Okada, Akira, 2012. "Non-cooperative bargaining and the incomplete informational core," Journal of Economic Theory, Elsevier, vol. 147(3), pages 1165-1190.
  5. Bhaskar Dutta & Rajiv Vohra, 2001. "Incomplete Information, Credibility and the Core," Working Papers 2001-02, Brown University, Department of Economics.
  6. Oscar Volij & Darin Lee, 1997. "The Core of Economies with Asymmetric Information: An Axiomatic Approach," Game Theory and Information 9706002, EconWPA.
  7. de Clippel, Geoffroy, 2007. "The type-agent core for exchange economies with asymmetric information," Journal of Economic Theory, Elsevier, vol. 135(1), pages 144-158, July.
  8. Ulrich Schwalbe, 1999. "The core of an exchange economy with asymmetric information," Journal of Economics, Springer, vol. 70(2), pages 155-185, June.

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