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Core concepts in economies where information is almost complete

In: Differential Information Economies

Author

Listed:
  • Stefan Krasa

    (University of Illinois)

  • Wayne Shafer

    (University of Illinois)

Abstract

Summary The paper analyzes the properties of cores with differential information, as economies converge to complete information. Two core concepts are investigated: the private core, in which agents’ net trades are measurable with respect to agents’ private information, and the incentive compatible core, in which coalitions of agents are restricted to incentive compatible allocations.

Suggested Citation

  • Stefan Krasa & Wayne Shafer, 2005. "Core concepts in economies where information is almost complete," Studies in Economic Theory, in: Dionysius Glycopantis & Nicholas C. Yannelis (ed.), Differential Information Economies, pages 397-417, Springer.
    • Handle: RePEc:spr:steccp:978-3-540-26979-3_21
    DOI: 10.1007/3-540-26979-7_21
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    Cited by:

    1. Ezra Einy & Ori Haimanko & Diego Moreno & Benyamin Shitovitz, 2005. "On the continuity of equilibrium and core correspondences in economies with differential information," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 26(4), pages 793-812, November.
    2. McLean, Richard P. & Postlewaite, Andrew, 2003. "Informational size, incentive compatibility, and the core of a game with incomplete information," Games and Economic Behavior, Elsevier, vol. 45(1), pages 222-241, October.
    3. Sun, Yeneng & Yannelis, Nicholas C., 2007. "Core, equilibria and incentives in large asymmetric information economies," Games and Economic Behavior, Elsevier, vol. 61(1), pages 131-155, October.
    4. Forges, Francoise & Minelli, Enrico & Vohra, Rajiv, 2002. "Incentives and the core of an exchange economy: a survey," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 1-41, September.
    5. Bahceci, Serkan, 2003. "The incentive compatible coarse core when information is almost complete," Journal of Mathematical Economics, Elsevier, vol. 39(1-2), pages 127-134, February.

    More about this item

    Keywords

    Differential information; Core;

    JEL classification:

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

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