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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

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Keywords: Asymmetric Information; Core; Common Knowledge;

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References

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  1. 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.
  2. Rajiv Vohra & Bhaskar Dutta, 2003. "Incomplete Information, Credibility and the Core," Working Papers 2003-21, Brown University, Department of Economics.
  3. John Geanakoplos & Heracles M. Polemarchakis, 1982. "We Can't Disagree Forever," Cowles Foundation Discussion Papers 639, Cowles Foundation for Research in Economics, Yale University.
  4. Stefan KRASA, 1997. "Efficiency with Incomplete Information," Vienna Economics Papers vie9707, University of Vienna, Department of Economics.
  5. Vohra, Rajiv, 1999. "Incomplete Information, Incentive Compatibility, and the Core," Journal of Economic Theory, Elsevier, vol. 86(1), pages 123-147, May.
  6. 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.
  7. Milgrom, Paul & Stokey, Nancy, 1982. "Information, trade and common knowledge," Journal of Economic Theory, Elsevier, vol. 26(1), pages 17-27, February.
  8. Ray, Debraj, 1989. "Credible Coalitions and the Core," International Journal of Game Theory, Springer, vol. 18(2), pages 185-87.
  9. Geanakoplos, John D. & Polemarchakis, Heraklis M., 1982. "We can't disagree forever," Journal of Economic Theory, Elsevier, vol. 28(1), pages 192-200, October.
  10. Sergiu Hart & Yair Tauman, 1997. "Market Crashes Without External Shocks," Game Theory and Information 9703009, EconWPA, revised 23 Apr 1997.
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Citations

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Cited by:
  1. Ulrich Schwalbe, 1999. "The core of an exchange economy with asymmetric information," Journal of Economics, Springer, vol. 70(2), pages 155-185, June.
  2. 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.
  3. Forges, Francoise & Minelli, Enrico & Vohra, Rajiv, 2002. "Incentives and the core of an exchange economy: a survey," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 1-41, September.
  4. FORGES, Françoise & MERTENS, Jean-François & VOHRA, Rajiv, 2001. "The ex ante incentive compatible core in the absence of wealth effects," CORE Discussion Papers 2001001, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  5. Bhaskar Dutta & Rajiv Vohra, 2001. "Incomplete Information, Credibility and the Core," Working Papers 2001-02, Brown University, Department of Economics.
  6. Roberto Serrano & Rajiv Vohra, 2005. "Information Transmission in Coalitional Voting Games," Economics Working Papers 0050, Institute for Advanced Study, School of Social Science.
  7. Lee, Darin & Volij, Oscar, 2002. "The core of economies with asymmetric information: an axiomatic approach," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 43-63, September.
  8. Okada, Akira, 2009. "Non-cooperative Bargaining and the Incomplete Information Core," Discussion Papers 2009-16, Graduate School of Economics, Hitotsubashi University.

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