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Non-cooperative Bargaining and the Incomplete Information Core

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  • Okada, Akira

Abstract

We consider information transmission in the core of an exchange economy with incomplete information by non-cooperative bargaining theory. Reformulating the coalitional voting game by Serrano and Vohra [Information transmission in coalitional voting games, J. of Economic Theory (2007), 117-137] so that an informed agent proposes an allocation, we define a notion of the informational core. A coalition has an informational objection to the status-quo allocation if and only if there exists an equilibrium rejection in the coalitional voting game. We present a non-cooperative sequential bargaining game in which coalitional voting games are repeated, and prove that a refinement of a sequential equilibrium of the bargaining game necessarily yields an allocation in the informational core.

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File URL: http://hermes-ir.lib.hit-u.ac.jp/rs/bitstream/10086/17066/1/070econDP09-03.pdf
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Bibliographic Info

Paper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number 2009-03.

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Length: 37 p.
Date of creation: Feb 2009
Date of revision:
Handle: RePEc:hit:econdp:2009-03

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Keywords: core; exchange economy; incomplete information; information transmission; non-cooperative bargaining;

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References

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  1. Oscar Volij, 2000. "Communication, credible improvements and the core of an economy with asymmetric information," International Journal of Game Theory, Springer, vol. 29(1), pages 63-79.
  2. In-Koo Cho & David M. Kreps, 1997. "Signaling Games and Stable Equilibria," Levine's Working Paper Archive 896, David K. Levine.
  3. Lee, Darin, 1998. "A note on the individualistic foundations of the core in economies with asymmetric information," Economics Letters, Elsevier, vol. 61(2), pages 203-208, November.
  4. David Kreps & Robert Wilson, 1998. "Sequential Equilibria," Levine's Working Paper Archive 237, David K. Levine.
  5. Rajiv Vohra & Bhaskar Dutta, 2003. "Incomplete Information, Credibility and the Core," Working Papers 2003-21, Brown University, Department of Economics.
  6. Rajiv Vohra & Roberto Serrano, 2004. "Information Transmission in Coalitional Voting Games," Econometric Society 2004 North American Summer Meetings 519, Econometric Society.
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  9. Roberto Serrano & Rajiv Vohra, 1997. "Non-cooperative implementation of the core," Social Choice and Welfare, Springer, vol. 14(4), pages 513-525.
  10. Evans,R., 1995. "Coalition Bargaining with Competition to Make Offers," Cambridge Working Papers in Economics 9539, Faculty of Economics, University of Cambridge.
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  14. Allen, Beth, 1993. "4. Market Games with Asymmetric Information : Verification and the Publicly Predictable Information Core," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 34(Special I), pages 101-122, December.
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  18. Myerson, Roger B, 1983. "Mechanism Design by an Informed Principal," Econometrica, Econometric Society, vol. 51(6), pages 1767-97, November.
  19. Ichiishi, Tatsuro & Yamazaki, Akira, 2004. "Interim core concepts for a bayesian pure exchange economy," Journal of Mathematical Economics, Elsevier, vol. 40(3-4), pages 347-370, June.
  20. Chatterjee, Kalyan & Bhaskar Dutta & Debraj Ray & Kunal Sengupta, 1993. "A Noncooperative Theory of Coalitional Bargaining," Review of Economic Studies, Wiley Blackwell, vol. 60(2), pages 463-77, April.
  21. 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.
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  24. Serrano Roberto, 1995. "A Market to Implement the Core," Journal of Economic Theory, Elsevier, vol. 67(1), pages 285-294, October.
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Cited by:
  1. OKADA, Akira, 2013. "A Non-cooperative Bargaining Theory with Incomplete Information: Verifiable Types," Discussion Papers 2013-15, Graduate School of Economics, Hitotsubashi University.
  2. Françoise Forges & Roberto Serrano, 2013. "Cooperative Games With Incomplete Information: Some Open Problems," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 15(02), pages 1340009-1-1.

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