Incentive compatible core and competitive equilibria in differential information economies
If the allocations of a differential information economy are defined as incentive compatible state -contingent lotteries over consumption goods, competitive equilibrium allocations exist and belong to the (ex-ante incentive) core. Furthermore, any competitive equilibria allocation can be viewed as an element of the core of the n-fold replicated economy, for every n. The converse holds under the further assumption of independent private values but not in general, as shown by a counter-example.
(This abstract was borrowed from another version of this item.)
|Date of creation:||01 Jan 2001|
|Note:||In : Economic Theory, 18, 349-365, 2001|
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