Efficiency and incentive compatibility in differential information economies
We introduce several efficiency notions depending on what kind of expected utility is used (ex ante, interim, ex post) and on how agents share their private information, i.e., whether they redistribute their initial endowments based on their own private information, or common knowledge information, or pooled information. Moreover, we introduce several Bayesian incentive compatibility notions and identify several efficiency concepts which maintain (coalitional) Bayesian incentive compatibility.
Volume (Year): 10 (1997)
Issue (Month): 3 ()
|Note:||Received: March 25, 1996; revised September 5, 1996|
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