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Incentive compatible core and competitive equilibria in differential information economies

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  • FORGES, Françoise
  • HEIFETZ , Aviad
  • MINELLI, Enrico

Abstract

If the allocation 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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File URL: http://dx.doi.org/10.1007/PL00004188
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Paper provided by Université catholique de Louvain, Center for Operations Research and Econometrics (CORE) in its series CORE Discussion Papers RP with number -1555.

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Handle: RePEc:cor:louvrp:-1555

Note: In : Economic Theory, 18, 349-365, 2001
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