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The core of economies with asymmetric information: an axiomatic approach

  • Lee, Darin
  • Volij, Oscar

We propose two generalizations of the Davis-Maschler reduced game property to economies with asymmetric information and apply them in the characterization of two solution concepts. One is Wilson's (1978) Coarse Core and the other is a subsolution of it which we call the Coarse+ Core.

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Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 38 (2002)
Issue (Month): 1-2 (September)
Pages: 43-63

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Handle: RePEc:eee:mateco:v:38:y:2002:i:1-2:p:43-63
Contact details of provider: Web page: http://www.elsevier.com/locate/jmateco

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  1. Volij, Oscar & Serrano, Roberto, 1998. "Axiomatizations of Neoclassical Concepts for Economies," Staff General Research Papers 5192, Iowa State University, Department of Economics.
  2. Oscar Volij, 1997. "Communication, Credible Improvements and the Core of an Economy with Asymmetric Information," Game Theory and Information 9711001, EconWPA.
  3. Koutsougeras, Leonidas C & Yannelis, Nicholas C, 1993. "Incentive Compatibility and Information Superiority of the Core of an Economy with Differential Information," Economic Theory, Springer, vol. 3(2), pages 195-216, April.
  4. Peleg, B. & Tijs, S.H., 1996. "The consistency principle for games in strategic form," Other publications TiSEM fc27db2d-b84c-44ba-95a1-0, Tilburg University, School of Economics and Management.
  5. Vohra, Rajiv, 1999. "Incomplete Information, Incentive Compatibility, and the Core," Journal of Economic Theory, Elsevier, vol. 86(1), pages 123-147, May.
  6. Thomson, W., 1996. "Consistent Allocation Rules," RCER Working Papers 418, University of Rochester - Center for Economic Research (RCER).
  7. Peleg, Bezalel, 1985. "An axiomatization of the core of cooperative games without side payments," Journal of Mathematical Economics, Elsevier, vol. 14(2), pages 203-214, April.
  8. John Geanakoplos, 1992. "Common Knowledge," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 53-82, Fall.
  9. van den Nouweland, C.G.A.M. & Peleg, B. & Tijs, S.H., 1996. "Axiomatic characterizations of the Walras correspondence for generalized economies," Other publications TiSEM 6ac8c569-8178-4176-9ecf-0, Tilburg University, School of Economics and Management.
  10. 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.
  11. Guangsug Hahn & Nicholas C. Yannelis, 1997. "Efficiency and incentive compatibility in differential information economies," Economic Theory, Springer, vol. 10(3), pages 383-411.
  12. Yannelis, Nicholas C, 1991. "The Core of an Economy with Differential Information," Economic Theory, Springer, vol. 1(2), pages 183-97, April.
  13. Kobayashi, Takao, 1980. "Equilibrium Contracts for Syndicates with Differential Information," Econometrica, Econometric Society, vol. 48(7), pages 1635-65, November.
  14. Nalebuff, Barry, 1989. "The Other Person's Envelope Is Always Greener," Journal of Economic Perspectives, American Economic Association, vol. 3(1), pages 171-81, Winter.
  15. Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, vol. 46(4), pages 807-16, July.
  16. Lee, Darin, 1998. "A note on the individualistic foundations of the core in economies with asymmetric information," Economics Letters, Elsevier, vol. 61(2), pages 203-208, November.
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