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On extensive form implementation of contracts in differential information economies

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  • Dionysius Glycopantis
  • Allan Muir
  • Nicholas C. Yannelis

Abstract

In the context of differential information economies, with and without free disposal, we consider the concepts of Radner equilibrium, rational expectations equilibrium, private core, weak fine core and weak fine value. We look into the possible implementation of these concepts as perfect Bayesian or sequential equilibria of noncooperative dynamic formulations. We construct relevant game trees which indicate the sequence of decisions and the information sets, and explain the rules for calculating ex ante expected payoffs. The possibility of implementing an allocation is related to whether or not it is incentive compatible. Implementation through an exogenous third party or an endogenous intermediary is also considered. Copyright Springer-Verlag Berlin Heidelberg 2003

Suggested Citation

  • Dionysius Glycopantis & Allan Muir & Nicholas C. Yannelis, 2003. "On extensive form implementation of contracts in differential information economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 21(2), pages 495-526, March.
    • Handle: RePEc:spr:joecth:v:21:y:2003:i:2:p:495-526
    DOI: 10.1007/s00199-002-0299-2
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