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

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Author Info

  • Oscar Volij

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

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

Paper provided by Oscar Volij in its series Economic theory and game theory with number 006.

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Date of creation: 08 Sep 1998
Date of revision: 15 Sep 1999
Publication status: Published in International Journal of Game Theory 29, 63--79 (2000)
Handle: RePEc:nid:ovolij:006

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

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Web: http://volij.co.il/addr.html

Related research

Keywords: Asymmetric Information; Core; Common Knowledge.;

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References

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  1. Stefan KRASA, 1997. "Efficiency with Incomplete Information," Vienna Economics Papers vie9707, University of Vienna, Department of Economics.
  2. Bengt Holmstrom & Roger B. Myerson, 1981. "Efficient and Durable Decision Rules with Incomplete Information," Discussion Papers 495, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  3. Bhaskar Dutta & Rajiv Vohra, 2001. "Incomplete Information, Credibility and the Core," Working Papers 2001-02, Brown University, Department of Economics.
  4. 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.
  5. Geanakoplos, John D. & Polemarchakis, Heraklis M., 1982. "We can't disagree forever," Journal of Economic Theory, Elsevier, vol. 28(1), pages 192-200, October.
  6. 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.
  7. Rajiv Vohra, 1997. "Incomplete Information, Incentive Compatibility and the Core," Working Papers 97-11, Brown University, Department of Economics.
  8. John Geanakoplos & Heracles M. Polemarchakis, 1982. "We Can't Disagree Forever," Cowles Foundation Discussion Papers 639, Cowles Foundation for Research in Economics, Yale University.
  9. Sergiu Hart & Yair Tauman, 1997. "Market Crashes Without External Shocks," Game Theory and Information 9703009, EconWPA, revised 23 Apr 1997.
  10. Ray, Debraj, 1989. "Credible Coalitions and the Core," International Journal of Game Theory, Springer, vol. 18(2), pages 185-87.
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