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The Core of Economies with Asymmetric Information: An Axiomatic Approach

Listed author(s):
  • Oscar Volij

    (Brown University)

  • Darin Lee

    (Brown University)

We propose two generalizations of the Davis Maschler reduced game property to economies with asymmetric information and apply them in the characterization of two solution concepts. One is Wilson's (1978) Coarse Core and the other is a subsolution of it which we call the Coarse+ Core.

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Paper provided by EconWPA in its series Game Theory and Information with number 9706002.

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Length: 30 pages
Date of creation: 13 Jun 1997
Handle: RePEc:wpa:wuwpga:9706002
Note: Type of Document - Postscript; prepared on IBM PC - PC-TEX; to print on PostScript level 2/600dpi; pages: 30 ; figures: none
Contact details of provider: Web page: http://econwpa.repec.org

References listed on IDEAS
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  1. Rajiv Vohra, 1997. "Incomplete Information, Incentive Compatibility and the Core," Working Papers 97-11, Brown University, Department of Economics.
  2. van den Nouweland, C.G.A.M. & Peleg, B. & Tijs, S.H., 1996. "Axiomatic characterizations of the Walras correspondence for generalized economies," Other publications TiSEM 6ac8c569-8178-4176-9ecf-0, Tilburg University, School of Economics and Management.
  3. Yannelis, Nicholas C, 1991. "The Core of an Economy with Differential Information," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 1(2), pages 183-197, April.
  4. Peleg, Bezalel, 1985. "An axiomatization of the core of cooperative games without side payments," Journal of Mathematical Economics, Elsevier, vol. 14(2), pages 203-214, April.
  5. 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.
  6. Serrano, Roberto & Volij, Oscar, 1998. "Axiomatizations of neoclassical concepts for economies," Journal of Mathematical Economics, Elsevier, vol. 30(1), pages 87-108, August.
  7. Guangsug Hahn & Nicholas C. Yannelis, 1997. "Efficiency and incentive compatibility in differential information economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 10(3), pages 383-411.
  8. Kobayashi, Takao, 1980. "Equilibrium Contracts for Syndicates with Differential Information," Econometrica, Econometric Society, vol. 48(7), pages 1635-1665, November.
  9. Oscar Volij, 2000. "Communication, credible improvements and the core of an economy with asymmetric information," International Journal of Game Theory, Springer;Game Theory Society, vol. 29(1), pages 63-79.
  10. Koutsougeras, Leonidas C & Yannelis, Nicholas C, 1993. "Incentive Compatibility and Information Superiority of the Core of an Economy with Differential Information," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(2), pages 195-216, April.
  11. Peleg, B. & Tijs, S., 1993. "The Consistency Principle for Games in Strategic Form," Papers 9306, Tilburg - Center for Economic Research.
  12. John Geanakoplos, 1992. "Common Knowledge," Journal of Economic Perspectives, American Economic Association, vol. 6(4), pages 53-82, Fall.
  13. Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, vol. 46(4), pages 807-816, July.
  14. Thomson, W., 1996. "Consistent Allocation Rules," RCER Working Papers 418, University of Rochester - Center for Economic Research (RCER).
  15. 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.
  16. Nalebuff, Barry, 1989. "The Other Person's Envelope Is Always Greener," Journal of Economic Perspectives, American Economic Association, vol. 3(1), pages 171-181, Winter.
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