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Allocation Mechanisms, Asymmetric Information and the ‘Revelation Principle’

In: Issues in Contemporary Microeconomics and Welfare

Author

Listed:
  • Milton Harris
  • Robert M. Townsend

Abstract

The purpose of this chapter is to explain a new approach for predicting both the allocation of resources and the resource allocation mechanism in certain environments in which agents are asymmetrically informed prior to any trading.1 We illustrate this approach by applying it to a simple pure-exchange environment in which an information asymmetry is present.

Suggested Citation

  • Milton Harris & Robert M. Townsend, 1985. "Allocation Mechanisms, Asymmetric Information and the ‘Revelation Principle’," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Issues in Contemporary Microeconomics and Welfare, chapter 11, pages 379-394, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-06876-0_11
    DOI: 10.1007/978-1-349-06876-0_11
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