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Stable Sets for Asymmetric Information Economies

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Abstract

An exchange economy with asymmetrically informed agents is considered with an exogenous rule that regulates the information sharing among agents. For it, the notion of stable sets à la Von Neumann and Morgenstern is analyzed. Two different frameworks are taken into account as regards preferences: a model without expectations and a model with expected utility. For the first one, it is shown that the set $V$ of all individually rational, Pareto optimal, symmetric allocations is the unique stable set of symmetric allocations. For the second one, an example is presented which shows that the same set $V$ is not externally stable and a weaker result is proved. Finally, the coalitional incentive compatibility of allocations belonging to the unique stable set is provided.

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Paper provided by Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy in its series CSEF Working Papers with number 333.

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Date of creation: 25 Jun 2013
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Handle: RePEc:sef:csefwp:333

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Keywords: sets; asymmetric information; information sharing;

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  1. S. Muto & S. Ishihara & E. Fukuda & S. H. Tijs & R. Brânzei, 2006. "Generalized Cores And Stable Sets For Fuzzy Games," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 8(01), pages 95-109.
  2. José Faro, 2013. "Cobb-Douglas preferences under uncertainty," Economic Theory, Springer, vol. 54(2), pages 273-285, October.
  3. Anesi, Vincent, 2010. "Noncooperative foundations of stable sets in voting games," Games and Economic Behavior, Elsevier, vol. 70(2), pages 488-493, November.
  4. Stefan Maus, 2004. "Exchange economies with asymmetric information: competitive equilibrium and core," Economic Theory, Springer, vol. 24(2), pages 395-418, August.
  5. Lucas, William F., 1992. "Von Neumann-Morgenstern stable sets," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 17, pages 543-590 Elsevier.
  6. Einy, Ezra & Shitovitz, Benyamin, 2003. "Symmetric von Neumann-Morgenstern stable sets in pure exchange economies," Games and Economic Behavior, Elsevier, vol. 43(1), pages 28-43, April.
  7. Stefan Maus, 2003. "Balancedness and the core in economies with asymmetric information," Economic Theory, Springer, vol. 22(3), pages 613-627, October.
  8. Hart, Sergiu, 1974. "Formation of cartels in large markets," Journal of Economic Theory, Elsevier, vol. 7(4), pages 453-466, April.
  9. Beth Allen, 2006. "Market games with asymmetric information: the core," Economic Theory, Springer, vol. 29(2), pages 465-487, October.
  10. Luciano De Castro & Marialaura Pesce & Nicolas Yannelis, 2011. "Core and Equilibria under ambiguity," Discussion Papers 1534, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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