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Private Information: Similarity as Compatibility

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Author Info

  • João Correia-da-Silva

    ()
    (Faculdade de Economia. Universidade do Porto.)

  • Carlos Hervés-Beloso

    ()
    (Facultad de Económicas. Universidad de Vigo.)

Abstract

We investigate the continuity of equilibrium in differential information economies with a finite number of agents. In this setting, agents can make contingent contracts based on events that are commonly observed. With private information modelled as finite partitions of a compact and metrizable space of states of nature, we introduce a topology on information that takes into account the compatibility of information fields in assessing similarity between private information fields. This topology allows us to establish upper semicontinuity of the private core correspondence.

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File URL: http://www.fep.up.pt/investigacao/workingpapers/04.09.14_WP155_Joao.pdf
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Bibliographic Info

Paper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number 155.

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Length: 19 pages.
Date of creation: Sep 2004
Date of revision:
Handle: RePEc:por:fepwps:155

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Related research

Keywords: Differential Information Economy; Asymmetric Information; Radner Equilibrium; Private Core; Topologies on Information.;

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References

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  1. Cotter, Kevin D., 1986. "Similarity of information and behavior with a pointwise convergence topology," Journal of Mathematical Economics, Elsevier, vol. 15(1), pages 25-38, February.
  2. Cotter, Kevin D., 1987. "Convergence of information, random variables and noise," Journal of Mathematical Economics, Elsevier, vol. 16(1), pages 39-51, February.
  3. Ezra Einy & Ori Haimanko & Diego Moreno & Benyamin Shitovitz, 2005. "On the continuity of equilibrium and core correspondences in economies with differential information," Economic Theory, Springer, vol. 26(4), pages 793-812, November.
  4. HILDENBRAND, Werner & MERTENS, Jean-François, . "Upper hemi-continuity of the equilibrium set correspondence for pure exchange economies," CORE Discussion Papers RP -109, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Kannai, Yakar, 1970. "Continuity Properties of the Core of a Market," Econometrica, Econometric Society, vol. 38(6), pages 791-815, November.
  6. Erik Balder & Nicholas Yannelis, 2006. "Continuity properties of the private core," Economic Theory, Springer, vol. 29(2), pages 453-464, October.
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Cited by:
  1. Hervés-Beloso, Carlos & Martins-da-Rocha, Victor Filipe & Monteiro, Paulo Klinger, 2008. "Equilibrium theory with asymmetric information and infinitely many states," Economics Working Papers (Ensaios Economicos da EPGE) 673, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  2. Khan, M. Ali & Sun, Yeneng & Tourky, Rabee & Zhang, Zhixiang, 2008. "Similarity of differential information with subjective prior beliefs," Journal of Mathematical Economics, Elsevier, vol. 44(9-10), pages 1024-1039, September.

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