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Efficiency and incentive compatibility in differential information economies

Author

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  • Guangsug Hahn

    (Department of Economics, University of Illinois, Champaign, IL 61820, USA)

  • Nicholas C. Yannelis

    (Department of Economics, University of Illinois, Champaign, IL 61820, USA)

Abstract

We introduce several efficiency notions depending on what kind of expected utility is used (ex ante, interim, ex post) and on how agents share their private information, i.e., whether they redistribute their initial endowments based on their own private information, or common knowledge information, or pooled information. Moreover, we introduce several Bayesian incentive compatibility notions and identify several efficiency concepts which maintain (coalitional) Bayesian incentive compatibility.

Suggested Citation

  • 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.
    • Handle: RePEc:spr:joecth:v:10:y:1997:i:3:p:383-411
    Note: Received: March 25, 1996; revised September 5, 1996
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