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Perfect competition in asymmetric information economies: compatibility of efficiency and incentives

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  • Sun, Yeneng
  • Yannelis, Nicholas C.

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  • Sun, Yeneng & Yannelis, Nicholas C., 2007. "Perfect competition in asymmetric information economies: compatibility of efficiency and incentives," Journal of Economic Theory, Elsevier, vol. 134(1), pages 175-194, May.
    • Handle: RePEc:eee:jetheo:v:134:y:2007:i:1:p:175-194
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    References listed on IDEAS

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    1. Richard McLean & Andrew Postlewaite, 2002. "Informational Size and Incentive Compatibility," Econometrica, Econometric Society, vol. 70(6), pages 2421-2453, November.
    2. Krasa, Stefan & Shafer, Wayne, 2001. "Informational Robustness of Competitive Equilibria," Journal of Economic Theory, Elsevier, vol. 101(2), pages 494-518, December.
    3. Sun, Yeneng, 1998. "A theory of hyperfinite processes: the complete removal of individual uncertainty via exact LLN1," Journal of Mathematical Economics, Elsevier, vol. 29(4), pages 419-503, May.
    4. Palfrey, Thomas R. & Srivastava, Sanjay, 1986. "Private information in large economies," Journal of Economic Theory, Elsevier, vol. 39(1), pages 34-58, June.
    5. 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.
    6. 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.
    7. Prescott, Edward C & Townsend, Robert M, 1984. "Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard," Econometrica, Econometric Society, vol. 52(1), pages 21-45, January.
    8. Gul, Faruk & Postlewaite, Andrew, 1992. "Asymptotic Efficiency in Large Exchange Economies with Asymmetric Information," Econometrica, Econometric Society, vol. 60(6), pages 1273-1292, November.
    9. Dionysius Glycopantis & Nicholas C. Yannelis (ed.), 2005. "Differential Information Economies," Studies in Economic Theory, Springer, number 978-3-540-26979-3, March.
    10. Sun, Yeneng, 2006. "The exact law of large numbers via Fubini extension and characterization of insurable risks," Journal of Economic Theory, Elsevier, vol. 126(1), pages 31-69, January.
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    Citations

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    Cited by:

    1. Sun, Yeneng & Wu, Lei & Yannelis, Nicholas C., 2012. "Existence, incentive compatibility and efficiency of the rational expectations equilibrium," Games and Economic Behavior, Elsevier, vol. 76(1), pages 329-339.
    2. De Castro, Luciano & Yannelis, Nicholas C., 2018. "Uncertainty, efficiency and incentive compatibility: Ambiguity solves the conflict between efficiency and incentive compatibility," Journal of Economic Theory, Elsevier, vol. 177(C), pages 678-707.
    3. Liu, Zhiwei & Song, Xinxi & Yannelis, Nicholas C., 2020. "Randomization under ambiguity: Efficiency and incentive compatibility," Journal of Mathematical Economics, Elsevier, vol. 90(C), pages 1-11.
    4. Guo, Huiyi, 2019. "Mechanism design with ambiguous transfers: An analysis in finite dimensional naive type spaces," Journal of Economic Theory, Elsevier, vol. 183(C), pages 76-105.
    5. M. Ali Khan, 2007. "Perfect Competition," PIDE-Working Papers 2007:15, Pakistan Institute of Development Economics.
    6. Peter Hammond & Yeneng Sun, 2008. "Monte Carlo simulation of macroeconomic risk with a continuum of agents: the general case," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 36(2), pages 303-325, August.
    7. Qiao, Lei & Yu, Haomiao, 2014. "On the space of players in idealized limit games," Journal of Economic Theory, Elsevier, vol. 153(C), pages 177-190.
    8. Wu, Bin, 2022. "On pure-strategy Nash equilibria in large games," Games and Economic Behavior, Elsevier, vol. 132(C), pages 305-315.
    9. Sergey K. Aityan, 2012. "Price-Value Potential for Near-Perfectly Competitive Markets," American Journal of Economics and Business Administration, Science Publications, vol. 3(4), pages 623-635, February.
    10. Qiao, Lei & Yu, Haomiao & Zhang, Zhixiang, 2016. "On the closed-graph property of the Nash equilibrium correspondence in a large game: A complete characterization," Games and Economic Behavior, Elsevier, vol. 99(C), pages 89-98.
    11. Peter J. Hammond & Lei Qiao & Yeneng Sun, 2021. "Monte Carlo sampling processes and incentive compatible allocations in large economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 71(3), pages 1161-1187, April.
    12. Hashimoto, Tadashi, 2018. "The generalized random priority mechanism with budgets," Journal of Economic Theory, Elsevier, vol. 177(C), pages 708-733.
    13. Sun, Yeneng & Yannelis, Nicholas C., 2007. "Core, equilibria and incentives in large asymmetric information economies," Games and Economic Behavior, Elsevier, vol. 61(1), pages 131-155, October.
    14. Sun, Xiang & Sun, Yeneng & Wu, Lei & Yannelis, Nicholas C., 2017. "Equilibria and incentives in private information economies," Journal of Economic Theory, Elsevier, vol. 169(C), pages 474-488.
    15. Yeneng Sun & Lei Wu & Nicholas C. Yannelis, 2011. "Existence, Incentive Compatibility and Efficiency of the Rational Expectations Equilibrium," Economics Discussion Paper Series 1108, Economics, The University of Manchester.
    16. Luciano De Castro & Nicholas C. Yannelis, 2011. "Ambiguity aversion solves the conflict between efficiency and incentive compatibility," Economics Discussion Paper Series 1106, Economics, The University of Manchester.
    17. Michele Gori & Antonio Villanacci, 2011. "A bargaining model in general equilibrium," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 46(3), pages 327-375, April.
    18. Nabil I. Al-Najjar & Luciano De Castro, 2010. "Uncertainty, Efficiency and Incentive Compatibility," Discussion Papers 1532, Northwestern University, Center for Mathematical Studies in Economics and Management Science.

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