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Non-cooperative Bargaining and the Incomplete Information Core

  • Okada, Akira

We consider information transmission in the core of an exchange economy with incomplete information by non-cooperative bargaining theory. Reformulating the coalitional voting game by Serrano and Vohra [Information transmission in coalitional voting games, J. of Economic Theory (2007), 117-137] so that an informed agent proposes an allocation, we define a notion of the informational core. A coalition has an informational objection to the status-quo allocation if and only if there exists an equilibrium rejection in the coalitional voting game. We present a non-cooperative sequential bargaining game in which coalitional voting games are repeated, and prove that a refinement of a sequential equilibrium of the bargaining game necessarily yields an allocation in the informational core.

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Paper provided by Graduate School of Economics, Hitotsubashi University in its series Discussion Papers with number 2009-16.

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Length: 37 p.
Date of creation: Dec 2009
Date of revision:
Handle: RePEc:hit:econdp:2009-16
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  1. David Kreps & Robert Wilson, 1998. "Sequential Equilibria," Levine's Working Paper Archive 237, David K. Levine.
  2. Serrano, Roberto & Vohra, Rajiv, 2007. "Information transmission in coalitional voting games," Journal of Economic Theory, Elsevier, vol. 134(1), pages 117-137, May.
  3. Ichiishi, Tatsuro & Yamazaki, Akira, 2004. "Interim core concepts for a bayesian pure exchange economy," Journal of Mathematical Economics, Elsevier, vol. 40(3-4), pages 347-370, June.
  4. Perry, Motty & Reny, Philip J, 1994. "A Noncooperative View of Coalition Formation and the Core," Econometrica, Econometric Society, vol. 62(4), pages 795-817, July.
  5. Lee, Darin & Volij, Oscar, 2002. "The core of economies with asymmetric information: an axiomatic approach," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 43-63, September.
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  7. Dutta, Bhaskar & Vohra, Rajiv, 2005. "Incomplete information, credibility and the core," Mathematical Social Sciences, Elsevier, vol. 50(2), pages 148-165, September.
  8. Myerson, Roger B, 1983. "Mechanism Design by an Informed Principal," Econometrica, Econometric Society, vol. 51(6), pages 1767-97, November.
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  11. Serrano Roberto, 1995. "A Market to Implement the Core," Journal of Economic Theory, Elsevier, vol. 67(1), pages 285-294, October.
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  13. Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, vol. 46(4), pages 807-16, July.
  14. Geoffroy de Clippel, 2004. "The Type-Agent Core for Exchange Economies with Asymmetric Information," Working Papers 2004-18, Brown University, Department of Economics.
  15. FORGES, Françoise & MINELLI, Enrico & VOHRA, Rajiv, 2001. "Incentives and the core of an exchange economy: a survey," CORE Discussion Papers 2001043, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  16. Chatterjee, Kalyan & Bhaskar Dutta & Debraj Ray & Kunal Sengupta, 1993. "A Noncooperative Theory of Coalitional Bargaining," Review of Economic Studies, Wiley Blackwell, vol. 60(2), pages 463-77, April.
  17. Milan Horniaček, 2008. "Negotiation, preferences over agreements, and the core," International Journal of Game Theory, Springer, vol. 37(2), pages 235-249, June.
  18. Yannelis, Nicholas C, 1991. "The Core of an Economy with Differential Information," Economic Theory, Springer, vol. 1(2), pages 183-97, April.
  19. Shapley, Lloyd S. & Shubik, Martin, 1969. "On market games," Journal of Economic Theory, Elsevier, vol. 1(1), pages 9-25, June.
  20. Volij, Oscar, 2000. "Communication, Credible Improvements and the Core of an Economy with Asymmetric Information," Staff General Research Papers 5140, Iowa State University, Department of Economics.
  21. Moldovanu Benny & Winter Eyal, 1995. "Order Independent Equilibria," Games and Economic Behavior, Elsevier, vol. 9(1), pages 21-34, April.
  22. Moldovanu, Benny & Eyal Winter, 1993. "Core Implementation and Increasing Returns to Scale for Cooperation," Discussion Paper Serie B 289, University of Bonn, Germany.
  23. Roberto Serrano & Rajiv Vohra, 1997. "Non-cooperative implementation of the core," Social Choice and Welfare, Springer, vol. 14(4), pages 513-525.
  24. Allen, Beth, 1993. "4. Market Games with Asymmetric Information : Verification and the Publicly Predictable Information Core," Hitotsubashi Journal of Economics, Hitotsubashi University, vol. 34(Special I), pages 101-122, December.
  25. Lee, Darin, 1998. "A note on the individualistic foundations of the core in economies with asymmetric information," Economics Letters, Elsevier, vol. 61(2), pages 203-208, November.
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