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

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Author Info

  • Oscar Volij

    (Brown University)

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 is introduced, that requires credibility from the improvements.

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File URL: http://128.118.178.162/eps/game/papers/9711/9711001.ps.gz
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Bibliographic Info

Paper provided by EconWPA in its series Game Theory and Information with number 9711001.

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Length: 17 pages
Date of creation: 22 Nov 1997
Date of revision:
Handle: RePEc:wpa:wuwpga:9711001

Note: Type of Document - PostScript; prepared on PC-TEX; pages: 17
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Web page: http://128.118.178.162

Related research

Keywords: Asymmetric Information; Core; Common Knowledge;

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References

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  1. 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.
  2. Sergiu Hart & Yair Tauman, 2004. "Market Crashes without External Shocks," The Journal of Business, University of Chicago Press, vol. 77(1), pages 1-8, January.
  3. Ray, Debraj, 1989. "Credible Coalitions and the Core," International Journal of Game Theory, Springer, vol. 18(2), pages 185-87.
  4. Milgrom, Paul & Stokey, Nancy, 1982. "Information, trade and common knowledge," Journal of Economic Theory, Elsevier, vol. 26(1), pages 17-27, February.
  5. Dutta, Bhaskar & Vohra, Rajiv, 2005. "Incomplete information, credibility and the core," Mathematical Social Sciences, Elsevier, vol. 50(2), pages 148-165, September.
  6. Rajiv Vohra, 1997. "Incomplete Information, Incentive Compatibility and the Core," Working Papers 97-11, Brown University, Department of Economics.
  7. 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.
  8. Geanakoplos, John D. & Polemarchakis, Heraklis M., 1982. "We can't disagree forever," Journal of Economic Theory, Elsevier, vol. 28(1), pages 192-200, October.
  9. Stefan KRASA, 1997. "Efficiency with Incomplete Information," Vienna Economics Papers vie9707, University of Vienna, Department of Economics.
  10. John Geanakoplos & Heracles M. Polemarchakis, 1982. "We Can't Disagree Forever," Cowles Foundation Discussion Papers 639, Cowles Foundation for Research in Economics, Yale University.
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