On Fairness of Equilibria in Economies with Differential Information
The paper proposes a notion of fairness which overcomes the conflict arising between efficiency and the absence of envy in economies with uncertainty and asymmetrically informed agents. We do it in general economies which include, as particular cases, the main differential information economies studied in the literature. The analysis is further extended by allowing the presence of large traders, which may cause the lack of perfect competition.
|Date of creation:||11 Jan 2012|
|Date of revision:|
|Publication status:||Published in Theory and Decision, 2014, 76(4), 573-599|
|Contact details of provider:|| Postal: |
Phone: +39 081 - 675372
Fax: +39 081 - 675372
Web page: http://www.csef.it/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- H. R. Varian, 1973.
"Equity, Envy and Efficiency,"
115, Massachusetts Institute of Technology (MIT), Department of Economics.
- Greenberg, Joseph & Shitovitz, Benyamin, 1986. "A simple proof of the equivalence theorem for oligopolistic mixed markets," Journal of Mathematical Economics, Elsevier, vol. 15(2), pages 79-83, April.
- Kreps, David M., 1977. "A note on "fulfilled expectations" equilibria," Journal of Economic Theory, Elsevier, vol. 14(1), pages 32-43, February.
- Allen, Beth E, 1981. "Generic Existence of Completely Revealing Equilibria for Economies with Uncertainty when Prices Convey Information," Econometrica, Econometric Society, vol. 49(5), pages 1173-99, September.
- Radner, Roy, 1979. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Econometrica, Econometric Society, vol. 47(3), pages 655-78, May.
- Maria Laura Pesce, 2011. "Are Asymmetrically Informed Agents Envious?," CSEF Working Papers 292, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Herves-Beloso, Carlos & Moreno-Garcia, Emma & Yannelis, Nicholas C., 2005. "An equivalence theorem for a differential information economy," Journal of Mathematical Economics, Elsevier, vol. 41(7), pages 844-856, November.
- De Simone, Anna & Graziano, Maria Gabriella, 2003. "Cone conditions in oligopolistic market models," Mathematical Social Sciences, Elsevier, vol. 45(1), pages 53-73, February.
- Holmstrom, Bengt & Myerson, Roger B, 1983.
"Efficient and Durable Decision Rules with Incomplete Information,"
Econometric Society, vol. 51(6), pages 1799-819, November.
- Bengt Holmstrom & Roger B. Myerson, 1981. "Efficient and Durable Decision Rules with Incomplete Information," Discussion Papers 495, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- repec:hal:journl:halshs-00086032 is not listed on IDEAS
- Lin Zhou, 1991. "Strictly Fair Allocations in Large Exchange Economies," Cowles Foundation Discussion Papers 972, Cowles Foundation for Research in Economics, Yale University.
- Kobayashi, Takao, 1980. "Equilibrium Contracts for Syndicates with Differential Information," Econometrica, Econometric Society, vol. 48(7), pages 1635-65, November.
- Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, vol. 46(4), pages 807-16, July.
- de Clippel, Geoffroy, 2008.
"Equity, envy and efficiency under asymmetric information,"
Elsevier, vol. 99(2), pages 265-267, May.
- Geoffroy de Clippel, 2004. "Equity, Envy and Efficiency under Asymmetric Information," Working Papers 2004-19, Brown University, Department of Economics.
- Marialaura Pesce, 2010. "On mixed markets with asymmetric information," Economic Theory, Springer, vol. 45(1), pages 23-53, October.
- Thibault Gajdos & Jean-Marc Tallon, 2002.
"Fairness under Uncertainty,"
AccessEcon, vol. 4(18), pages 1-7.
- Thibault Gajdos & Jean-Marc Tallon, 2002. "Fairness under Uncertainty," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00086032, HAL.
- de Clippel, Geoffroy, 2007.
"The type-agent core for exchange economies with asymmetric information,"
Journal of Economic Theory,
Elsevier, vol. 135(1), pages 144-158, July.
- Geoffroy de Clippel, 2004. "The Type-Agent Core for Exchange Economies with Asymmetric Information," Working Papers 2004-18, Brown University, Department of Economics.
- Chiara Donnini & Maria Gabriella Graziano & Maria Laura Pesce, 2010. "Fairness Properties of Constrained Market Equilibria," CSEF Working Papers 245, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- repec:ebl:ecbull:v:4:y:2002:i:18:p:1-7 is not listed on IDEAS
- Gabszewicz, Jean Jaskold, 1975.
"Coalitional Fairness of Allocations in Pure Exchange Economies,"
Econometric Society, vol. 43(4), pages 661-68, July.
- JASKOLD GABSZEWICZ, Jean, . "Coalitinal fairness of allocations in pure exchange economies," CORE Discussion Papers RP 227, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Panzer, Elisha A & Schmeidler, David, 1974. "A Difficulty in the Concept of Fairness," Review of Economic Studies, Wiley Blackwell, vol. 41(3), pages 441-43, July.
- Palfrey, Thomas R & Srivastava, Sanjay, 1987. "On Bayesian Implementable Allocations," Review of Economic Studies, Wiley Blackwell, vol. 54(2), pages 193-208, April.
- Ezra Einy & Diego Moreno & Benyamin Shitovitz, 2001. "Competitive and core allocations in large economies with differential information," Economic Theory, Springer, vol. 18(2), pages 321-332.
- Carlos Hervés-Beloso & Emma Moreno-García & Nicholas Yannelis, 2005. "Characterization and incentive compatibility of Walrasian expectations equilibrium in infinite dimensional commodity spaces," Economic Theory, Springer, vol. 26(2), pages 361-381, 08.
- Chiara Donnini & Maria Graziano & Marialaura Pesce, 2014. "Coalitional fairness in interim differential information economies," Journal of Economics, Springer, vol. 111(1), pages 55-68, February.
- Yannelis, Nicholas C, 1991. "The Core of an Economy with Differential Information," Economic Theory, Springer, vol. 1(2), pages 183-97, April.
- John C. Harsanyi, 1967. "Games with Incomplete Information Played by "Bayesian" Players, I-III Part I. The Basic Model," Management Science, INFORMS, vol. 14(3), pages 159-182, November.
When requesting a correction, please mention this item's handle: RePEc:sef:csefwp:303. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Lia Ambrosio)
If references are entirely missing, you can add them using this form.