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The Core of Economies with Asymmetric Information: An Axiomatic Approach

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  • Darin Lee
  • Oscar Volij

    (Department of Economics, Brown University, and Department of Economics, Hebrew University of Jerusalem.)

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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File URL: http://volij.co.il/publications/papers/asymm.pdf
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Bibliographic Info

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
Date of revision:
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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Related research

Keywords: Asymmetric information; core; reduced game property; consistency.;

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References

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  1. Peleg, B. & Tijs, S.H., 1996. "The consistency principle for games in strategic form," Open Access publications from Tilburg University urn:nbn:nl:ui:12-72911, Tilburg University.
  2. John Geanakoplos, 1992. "Common Knowledge," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 53-82, Fall.
  3. Nouweland, C.G.A.M. van den & Peleg, B. & Tijs, S.H., 1996. "Axiomatic characterizations of the Walras correspondence for generalized economies," Open Access publications from Tilburg University urn:nbn:nl:ui:12-72933, Tilburg University.
  4. Holmstrom, Bengt & Myerson, Roger B, 1983. "Efficient and Durable Decision Rules with Incomplete Information," Econometrica, Econometric Society, vol. 51(6), pages 1799-819, November.
  5. Rajiv Vohra, 1997. "Incomplete Information, Incentive Compatibility and the Core," Working Papers 97-11, Brown University, Department of Economics.
  6. Kobayashi, Takao, 1980. "Equilibrium Contracts for Syndicates with Differential Information," Econometrica, Econometric Society, vol. 48(7), pages 1635-65, November.
  7. Serrano, Roberto & Volij, Oscar, 1998. "Axiomatizations of neoclassical concepts for economies," Journal of Mathematical Economics, Elsevier, vol. 30(1), pages 87-108, August.
  8. Yannelis, Nicholas C, 1991. "The Core of an Economy with Differential Information," Economic Theory, Springer, vol. 1(2), pages 183-97, April.
  9. Oscar Volij, 1998. "Communication, Credible Improvements and the Core of an Economy with Asymmetric Information," Economic theory and game theory 006, Oscar Volij, revised 15 Sep 1999.
  10. 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.
  11. 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.
  12. 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.
  13. Thomson, W., 1996. "Consistent Allocation Rules," RCER Working Papers 418, University of Rochester - Center for Economic Research (RCER).
  14. Guangsug Hahn & Nicholas C. Yannelis, 1997. "Efficiency and incentive compatibility in differential information economies," Economic Theory, Springer, vol. 10(3), pages 383-411.
  15. Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, vol. 46(4), pages 807-16, July.
  16. 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.
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Citations

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Cited by:
  1. Serrano, Roberto & Vohra, Rajiv, 2007. "Information transmission in coalitional voting games," Journal of Economic Theory, Elsevier, vol. 134(1), pages 117-137, May.
  2. Okada, Akira, 2009. "Non-cooperative Bargaining and the Incomplete Information Core," Discussion Papers 2009-03, Graduate School of Economics, Hitotsubashi University.
  3. Rajiv Vohra & Bhaskar Dutta, 2003. "Incomplete Information, Credibility and the Core," Working Papers 2003-21, Brown University, Department of Economics.
  4. 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.
  5. 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.
  6. Flåm, Sjur Didrik & Koutsougeras, L., 2007. "Private Information, Transferable Utility, and the Core," Working Papers in Economics 04/07, University of Bergen, Department of Economics.
  7. 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.
  8. 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.

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