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Efficiency and incentive compatibility in differential information economies

In: Differential Information Economies

Author

Listed:
  • Guangsug Hahn

    (University of Illinois)

  • Nicholas C. Yannelis

    (University of Illinois)

Abstract

Summary 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.

Suggested Citation

  • Guangsug Hahn & Nicholas C. Yannelis, 2005. "Efficiency and incentive compatibility in differential information economies," Studies in Economic Theory, in: Dionysius Glycopantis & Nicholas C. Yannelis (ed.), Differential Information Economies, pages 249-277, Springer.
    • Handle: RePEc:spr:steccp:978-3-540-26979-3_14
    DOI: 10.1007/3-540-26979-7_14
    as

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