Private Information: Similarity as Compatibility
We investigate the continuity of equilibrium in differential information economies with a finite number of agents. In this setting, agents can make contingent contracts based on events that are commonly observed. With private information modelled as finite partitions of a compact and metrizable space of states of nature, we introduce a topology on information that takes into account the compatibility of information fields in assessing similarity between private information fields. This topology allows us to establish upper semicontinuity of the private core correspondence.
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Volume (Year): 30 (2007)
Issue (Month): 3 (March)
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References listed on IDEAS
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- Erik Balder & Nicholas Yannelis, 2006. "Continuity properties of the private core," Economic Theory, Springer, vol. 29(2), pages 453-464, October.
- Ezra Einy & Ori Haimanko & Diego Moreno & Benyamin Shitovitz, 2005.
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- Ezra Einy & Ori Haimanko & Diego Moreno & Benyamin Shitovitz, 2003. "On The Continuity Of Equilibrium And Core Correspondences In Economies With Differential Information," Economics Working Papers we032707, Universidad Carlos III, Departamento de Economía.
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- Kannai, Yakar, 1970. "Continuity Properties of the Core of a Market," Econometrica, Econometric Society, vol. 38(6), pages 791-815, November.
- Cotter, Kevin D., 1986. "Similarity of information and behavior with a pointwise convergence topology," Journal of Mathematical Economics, Elsevier, vol. 15(1), pages 25-38, February.
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"Upper hemi-continuity of the equilibrium set correspondence for pure exchange economies,"
CORE Discussion Papers RP
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- Hildenbrand, W & Mertens, J F, 1972. "Upper Hemi-Continuity of the Equilibrium-Set Correspondence for Pure Exchange Economies," Econometrica, Econometric Society, vol. 40(1), pages 99-108, January.
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