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The Ex Ante Incentive Compatible Core in the Absence of Wealth Effects

Author

Listed:
  • Francoise Forges

    (THEMA, Universite de Cergy-Pontoise, France)

  • Jean-Francois Mertens

    (CORE, Universite Catholique de Louvain, Louvain-la-Neuve, Belgique)

  • Rajiv Vohra

    (Brown University, Providence, U.S.A.)

Abstract

In a differential information economy with quasi-linear utilities, monetary transfers facilitate the fulfillment of incentive compatibility constraints: the associated ex ante core is generically nonempty. However, we exhibit a well-behaved exchange economy in which this core is empty, even if goods are allocated through random mechanisms. Copyright The Econometric Society 2002.

Suggested Citation

  • Francoise Forges & Jean-Francois Mertens & Rajiv Vohra, 2002. "The Ex Ante Incentive Compatible Core in the Absence of Wealth Effects," Econometrica, Econometric Society, vol. 70(5), pages 1865-1892, September.
    • Handle: RePEc:ecm:emetrp:v:70:y:2002:i:5:p:1865-1892
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    JEL classification:

    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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