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Information transmission and core convergence in quasilinear economies

  • Yusuke Kamishiro

    ()

    (Brown University)

  • Roberto Serrano

    ()

    (Brown University and IMDEA Social Sciences)

We study core convergence in interim quasilinear economies with asymmetric information, concentrating on core notions in which information is transmitted endogenously within coalitions and the incentive constraints are relevant. Specifically, we shall focus on the credible core and randomized mediated core concepts. We consider independent replicas of the basic economy: independent copies of the economy in which each individual's utility only depends on the information of the individuals who belong to the same copy. We provide an example in which core convergence does not obtain for the Dutta-Vohra credible core and for Myerson's randomized mediated core. On the other hand, we establish a positive convergence result for a refinement of Myerson's core for which information disseminates across coalitions within a given random blocking mechanism. Under some conditions, this core converges to the set of incentive compatible ex-post Walrasian allocations.

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Paper provided by Instituto Madrileño de Estudios Avanzados (IMDEA) Ciencias Sociales in its series Working Papers with number 2008-01.

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Date of creation: 06 Feb 2008
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Handle: RePEc:imd:wpaper:wp2008-01
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  1. Dutta, Bhaskar & Vohra, Rajiv, 2005. "Incomplete information, credibility and the core," Mathematical Social Sciences, Elsevier, vol. 50(2), pages 148-165, September.
  2. DE CLIPPEL, Geoffroy & MINELLI, Enrico, . "Two remarks on the inner core," CORE Discussion Papers RP -1763, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  3. 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.
  4. Roger Myerson, 2004. "Virtual utility and the core for games with incomplete information," Econometric Society 2004 North American Summer Meetings 659, Econometric Society.
  5. Roberto Serrano & Rajiv Vohra, 2005. "Information Transmission in Coalitional Voting Games," Economics Working Papers 0050, Institute for Advanced Study, School of Social Science.
  6. Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, vol. 46(4), pages 807-16, July.
  7. FORGES, Françoise & MERTENS, Jean-François & VOHRA, Rajiv, 2001. "The ex ante incentive compatible core in the absence of wealth effects," CORE Discussion Papers 2001001, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  8. Roberto Serrano & Rajiv Vohra & Oscar Volij, 2000. "On the Failure of Core Convergence in Economies with Asymmetric Information," Econometric Society World Congress 2000 Contributed Papers 0141, Econometric Society.
  9. Vohra, Rajiv, 1999. "Incomplete Information, Incentive Compatibility, and the Core," Journal of Economic Theory, Elsevier, vol. 86(1), pages 123-147, May.
  10. FORGES, Françoise & HEIFETZ , Aviad & MINELLI, Enrico, . "Incentive compatible core and competitive equilibria in differential information economies," CORE Discussion Papers RP -1555, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
  11. Einy, Ezra & Moreno, Diego & Shitovitz, Benyamin, 2000. "Rational expectations equilibria and the ex-post core of an economy with asymmetric information," Journal of Mathematical Economics, Elsevier, vol. 34(4), pages 527-535, December.
  12. Geoffroy de Clippel, 2004. "The Type-Agent Core for Exchange Economies with Asymmetric Information," Working Papers 2004-18, Brown University, Department of Economics.
  13. Gul, Faruk & Postlewaite, Andrew, 1992. "Asymptotic Efficiency in Large Exchange Economies with Asymmetric Information," Econometrica, Econometric Society, vol. 60(6), pages 1273-92, November.
  14. Postlewaite, Andrew & Schmeidler, David, 1986. "Implementation in differential information economies," Journal of Economic Theory, Elsevier, vol. 39(1), pages 14-33, June.
  15. Kreps, David M., 1977. "A note on "fulfilled expectations" equilibria," Journal of Economic Theory, Elsevier, vol. 14(1), pages 32-43, February.
  16. Qin Cheng-Zhong, 1993. "The Inner Core and the Strictly Inhibitive Set," Journal of Economic Theory, Elsevier, vol. 59(1), pages 96-106, February.
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