Stable Sets for Asymmetric Information Economies
An exchange economy with asymmetrically informed agents is considered with an exogenous rule that regulates the information sharing among agents. For it, the notion of stable sets à la Von Neumann and Morgenstern is analyzed. Two different frameworks are taken into account as regards preferences: a model without expectations and a model with expected utility. For the first one, it is shown that the set $V$ of all individually rational, Pareto optimal, symmetric allocations is the unique stable set of symmetric allocations. For the second one, an example is presented which shows that the same set $V$ is not externally stable and a weaker result is proved. Finally, the coalitional incentive compatibility of allocations belonging to the unique stable set is provided.
|Date of creation:||25 Jun 2013|
|Date of revision:|
|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.:
- Hart, Sergiu, 1974. "Formation of cartels in large markets," Journal of Economic Theory, Elsevier, vol. 7(4), pages 453-466, April.
- José Faro, 2013.
"Cobb-Douglas preferences under uncertainty,"
Springer, vol. 54(2), pages 273-285, October.
- Luciano De Castro & Marialaura Pesce & Nicolas Yannelis, 2011.
"Core and Equilibria under ambiguity,"
1534, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
- Stefan Maus, 2004. "Exchange economies with asymmetric information: competitive equilibrium and core," Economic Theory, Springer, vol. 24(2), pages 395-418, August.
- Vincent Anesi, 2007.
"Noncooperative Foundations of Stable Sets in Voting Games,"
2007-09, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Anesi, Vincent, 2010. "Noncooperative foundations of stable sets in voting games," Games and Economic Behavior, Elsevier, vol. 70(2), pages 488-493, November.
- Vincent Anesi, 2009. "Noncooperative Foundations of Stable Sets in Voting Games," RCER Working Papers 551, University of Rochester - Center for Economic Research (RCER).
- Vincent Anesi, 2007. "Noncooperative Foundations of Stable Sets in Voting Games," Discussion Papers 2007-09, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
- Einy, Ezra & Shitovitz, Benyamin, 2003. "Symmetric von Neumann-Morgenstern stable sets in pure exchange economies," Games and Economic Behavior, Elsevier, vol. 43(1), pages 28-43, April.
- S. Muto & S. Ishihara & E. Fukuda & S. H. Tijs & R. Brânzei, 2006. "Generalized Cores And Stable Sets For Fuzzy Games," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 8(01), pages 95-109.
- Lucas, William F., 1992. "Von Neumann-Morgenstern stable sets," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 17, pages 543-590 Elsevier.
- Stefan Maus, 2003. "Balancedness and the core in economies with asymmetric information," Economic Theory, Springer, vol. 22(3), pages 613-627, October.
- Beth Allen, 2006. "Market games with asymmetric information: the core," Economic Theory, Springer, vol. 29(2), pages 465-487, October.
When requesting a correction, please mention this item's handle: RePEc:sef:csefwp:333. 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.