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Communication, Credible Improvements and the Core of an Economy with Asymmetric Information

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  • Volij, Oscar

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

Paper provided by Iowa State University, Department of Economics in its series Staff General Research Papers with number 5140.

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Date of creation: 01 Jan 2000
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Publication status: Published in International Journal of Game Theory 2000, vol. 29, pp. 63-79
Handle: RePEc:isu:genres:5140

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Postal: Iowa State University, Dept. of Economics, 260 Heady Hall, Ames, IA 50011-1070
Phone: +1 515.294.6741
Fax: +1 515.294.0221
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Web page: http://www.econ.iastate.edu
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References

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  1. Rajiv Vohra, 1997. "Incomplete Information, Incentive Compatibility and the Core," Working Papers 97-11, Brown University, Department of Economics.
  2. Stefan KRASA, 1997. "Efficiency with Incomplete Information," Vienna Economics Papers vie9707, University of Vienna, Department of Economics.
  3. Geanakoplos, John D. & Polemarchakis, Heraklis M., 1982. "We can't disagree forever," Journal of Economic Theory, Elsevier, vol. 28(1), pages 192-200, October.
  4. Paul Milgrom & Nancy L.Stokey, 1979. "Information, Trade, and Common Knowledge," Discussion Papers 377R, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  5. Sergiu Hart & Yair Tauman, 1997. "Market Crashes Without External Shocks," Game Theory and Information 9703009, EconWPA, revised 23 Apr 1997.
  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. Holmstrom, Bengt & Myerson, Roger B, 1983. "Efficient and Durable Decision Rules with Incomplete Information," Econometrica, Econometric Society, vol. 51(6), pages 1799-819, November.
  9. Bhaskar Dutta & Rajiv Vohra, 2001. "Incomplete Information, Credibility and the Core," Working Papers 2001-02, Brown University, Department of Economics.
  10. 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.
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Cited by:
  1. Francoise Forges & Jean-Francois Mertens & Rajiv Vohra, 2001. "The Ex Ante Incentive Compatible Core in the absence of wealth effects," Working Papers 2001-01, Brown University, Department of Economics.
  2. Lee, Darin & Volij, Oscar, 2002. "The core of economies with asymmetric information: an axiomatic approach," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 43-63, September.
  3. Roberto Serrano & Rajiv Vohra, 2005. "Information Transmission in Coalitional Voting Games," Working Papers 2005-01, Brown University, Department of Economics.
  4. Okada, Akira, 2009. "Non-cooperative Bargaining and the Incomplete Information Core," Discussion Papers 2009-03, Graduate School of Economics, Hitotsubashi University.
  5. Geoffroy de Clippel, 2004. "The Type-Agent Core for Exchange Economies with Asymmetric Information," Working Papers 2004-18, Brown University, Department of Economics.
  6. 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).
  7. Dutta, Bhaskar & Vohra, Rajiv, 2005. "Incomplete information, credibility and the core," Mathematical Social Sciences, Elsevier, vol. 50(2), pages 148-165, September.
  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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