The Core of Economies with Asymmetric Information: An Axiomatic Approach

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The Core of Economies with Asymmetric Information: An Axiomatic Approach

Author Info

Darin Lee
Oscar Volij (Department of Economics, Brown University, and Department of Economics, Hebrew University of Jerusalem.)

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Abstract

We propose two generalizations of the Davis-Maschler reduced game property to economies with asymmetric information and apply them in the characterization of two solution concepts. One is Wilson's (1978) Coarse Core and the other is a subsolution of it which we call the Coarse+ Core.

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Paper provided by Oscar Volij in its series Economic theory and game theory with number 005.

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Date of creation: 20 Nov 1997
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Publication status: Published in Journal of Mathematical Economics 38, 43-63, (2000).
Handle: RePEc:nid:ovolij:005

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Postal: Oscar Volij, Department of Economics, Ben-Gurion University, Beer-Sheva 84105, Israel
Web page: http://volij.co.il/

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For technical questions regarding this item, or to correct its listing, contact: (Oscar Volij).

Other versions of this item:

Article
- 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. [Downloadable!] (restricted)
Paper
- Oscar Volij & Darin Lee, 1997. "The Core of Economies with Asymmetric Information: An Axiomatic Approach," Game Theory and Information 9706002, EconWPA. [Downloadable!]
- Volij, Oscar & Lee, Darin, 2002. "The Core of Economies with Asymmetric Information: An Axiomatic Approach," Staff General Research Papers 5193, Iowa State University, Department of Economics.

Find related papers by JEL classification:
C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Guangsug Hahn & Nicholas C. Yannelis, 1997. "Efficiency and incentive compatibility in differential information economies," Economic Theory, Springer, vol. 10(3), pages 383-411. [Downloadable!] (restricted)
Nalebuff, Barry, 1989. "The Other Person's Envelope Is Always Greener," Journal of Economic Perspectives, American Economic Association, vol. 3(1), pages 171-81, Winter. [Downloadable!] (restricted)
Yannelis, Nicholas C, 1991. "The Core of an Economy with Differential Information," Economic Theory, Springer, vol. 1(2), pages 183-97, April.
Rajiv Vohra, 1997. "Incomplete Information, Incentive Compatibility and the Core," Working Papers 97-11, Brown University, Department of Economics.
Other versions:
- Vohra, Rajiv, 1999. "Incomplete Information, Incentive Compatibility, and the Core," Journal of Economic Theory, Elsevier, vol. 86(1), pages 123-147, May. [Downloadable!] (restricted)
Volij, Oscar & Serrano, Roberto, 2002. "Axiomatizations of Neoclassical Concepts for Economies," Staff General Research Papers 5192, Iowa State University, Department of Economics.
Other versions:
- Serrano, Roberto & Volij, Oscar, 1998. "Axiomatizations of neoclassical concepts for economies," Journal of Mathematical Economics, Elsevier, vol. 30(1), pages 87-108, August. [Downloadable!] (restricted)
Peleg, Bezalel, 1985. "An axiomatization of the core of cooperative games without side payments," Journal of Mathematical Economics, Elsevier, vol. 14(2), pages 203-214, April. [Downloadable!] (restricted)
Thomson, W., 1996. "Consistent Allocation Rules," RCER Working Papers 418, University of Rochester - Center for Economic Research (RCER).
Geanakoplos, John, 1992. "Common Knowledge," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 53-82, Fall. [Downloadable!] (restricted)
Koutsougeras, Leonidas C & Yannelis, Nicholas C, 1993. "Incentive Compatibility and Information Superiority of the Core of an Economy with Differential Information," Economic Theory, Springer, vol. 3(2), pages 195-216, April.

Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Roberto Serrano & Rajiv Vohra, 2005. "Information Transmission in Coalitional Voting Games," Working Papers 2005-01, Brown University, Department of Economics. [Downloadable!]
Other versions:
- Roberto Serrano & Rajiv Vohra, 2005. "Information Transmission In Coalitional Voting Games," Economics Working Papers we055726, Universidad Carlos III, Departamento de Economía. [Downloadable!]
- Roberto Serrano & Rajiv Vohra, 2005. "Information Transmission in Coalitional Voting Games," Economics Working Papers 0050, Institute for Advanced Study, School of Social Science. [Downloadable!]
- Rajiv Vohra & Roberto Serrano, 2004. "Information Transmission in Coalitional Voting Games," Econometric Society 2004 North American Summer Meetings 519, Econometric Society.
- Serrano, Roberto & Vohra, Rajiv, 2007. "Information transmission in coalitional voting games," Journal of Economic Theory, Elsevier, vol. 134(1), pages 117-137, May. [Downloadable!] (restricted)
S. D. Flåm. & L. Koutsougeras, 2007. "Private information, transferable utility,and the core," The School of Economics Discussion Paper Series 0703, Economics, The University of Manchester. [Downloadable!]
Other versions:
- S D Flåm & L Koutsougeras, 2005. "Private Information, Transferable Utility, and the Core," The School of Economics Discussion Paper Series 0512, Economics, The University of Manchester. [Downloadable!]
Bhaskar Dutta & Rajiv Vohra, 2001. "Incomplete Information, Credibility and the Core," Working Papers 2001-02, Brown University, Department of Economics. [Downloadable!]
Other versions:
- Rajiv Vohra & Bhaskar Dutta, 2003. "Incomplete Information, Credibility and the Core," Working Papers 2003-21, Brown University, Department of Economics. [Downloadable!]
- Dutta, Bhaskar & Vohra, Rajiv, 2005. "Incomplete information, credibility and the core," Mathematical Social Sciences, Elsevier, vol. 50(2), pages 148-165, September. [Downloadable!] (restricted)
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. [Downloadable!]
Other versions:
- FORGES, Franoise & MERTENS, Jean-Franois & 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). [Downloadable!]
- Francoise Forges & Jean-Francois Mertens & Rajiv Vohra, 2002. "The Ex Ante Incentive Compatible Core in the Absence of Wealth Effects," Econometrica, Econometric Society, vol. 70(5), pages 1865-1892, September. [Downloadable!] (restricted)
Francoise Forges & Enrico Minelli & Rajiv Vohra, 2000. "Incentives and the Core of an Exchange Economy: A Survey," Working Papers 2000-22, Brown University, Department of Economics. [Downloadable!]
Other versions:
- FORGES, Franoise & 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). [Downloadable!]
- Forges, Francoise & Minelli, Enrico & Vohra, Rajiv, 2002. "Incentives and the core of an exchange economy: a survey," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 1-41, September. [Downloadable!] (restricted)

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