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Incentive compatible core and competitive equilibria in differential information economies

In: Differential Information Economies

Author

Listed:
  • Françoise Forges

    (Université de Cergy-Pontoise, and Institut Universitaire de France)

  • Aviad Heifetz

    (University of Tel Aviv)

  • Enrico Minelli

    (Università di Brescia)

Abstract

Summary If the allocations of a differential information economy are defined as incentive compatible state-contingent lotteries over consumption goods, competitive equilibrium allocations exist and belong to the (ex ante incentive) core. Furthermore, any competitive equilibrium allocation can be viewed as an element of the core of the n-fold replicated economy, for every n. The converse holds under the further assumption of independent private values but not in general, as shown by a counter-example.

Suggested Citation

  • Françoise Forges & Aviad Heifetz & Enrico Minelli, 2005. "Incentive compatible core and competitive equilibria in differential information economies," Studies in Economic Theory, in: Dionysius Glycopantis & Nicholas C. Yannelis (ed.), Differential Information Economies, pages 185-201, Springer.
    • Handle: RePEc:spr:steccp:978-3-540-26979-3_11
    DOI: 10.1007/3-540-26979-7_11
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    Cited by:

    1. Yusuke Kamishiro & Roberto Serrano, 2009. "Equilibrium Blocking in Large Quasilinear Economies," Working Papers wp2009_0911, CEMFI.
    2. João Correia-da-Silva, 2015. "Two-period economies with price-contingent deliveries," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 59(3), pages 509-525, August.
    3. Françoise Forges & Roberto Serrano, 2013. "Cooperative Games With Incomplete Information: Some Open Problems," International Game Theory Review (IGTR), World Scientific Publishing Co. Pte. Ltd., vol. 15(02), pages 1-17.
    4. Beth Allen, 2006. "Market games with asymmetric information: the core," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 29(2), pages 465-487, October.
    5. M. Ali Khan, 2007. "Perfect Competition," PIDE-Working Papers 2007:15, Pakistan Institute of Development Economics.
    6. Myerson, Roger B., 2007. "Virtual utility and the core for games with incomplete information," Journal of Economic Theory, Elsevier, vol. 136(1), pages 260-285, September.
    7. Forges, Francoise & Minelli, Enrico & Vohra, Rajiv, 2002. "Incentives and the core of an exchange economy: a survey," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 1-41, September.
    8. Alexander Kovalenkov & Myrna Wooders, 2003. "Advances in the theory of large cooperative games and applications to club theory; the side payments case," Chapters, in: Carlo Carraro (ed.), The Endogenous Formation of Economic Coalitions, chapter 1, Edward Elgar Publishing.
    9. João Correia-da-Silva & Carlos Hervés-Beloso, 2008. "General equilibrium with private state verification," FEP Working Papers 269, Universidade do Porto, Faculdade de Economia do Porto.
    10. Bhowmik, Anuj & Cao, Jiling, 2018. "Ex-post core, fine core and rational expectations equilibrium allocations," Journal of Mathematical Economics, Elsevier, vol. 74(C), pages 128-138.
    11. Kovalenkov, Alexander & Wooders, Myrna, 2003. "Approximate cores of games and economies with clubs," Journal of Economic Theory, Elsevier, vol. 110(1), pages 87-120, May.
    12. Yusuke Kamishiro & Roberto Serrano, 2008. "Information Transmission and Core Convergence in Quasilinear Economies," Working Papers 2008-5, Brown University, Department of Economics.
    13. A. Kovalenkov & M. Holtz Wooders, 1999. "An explicit bound on e for nonemptiness of e-cores of games," THEMA Working Papers 99-37, THEMA (THéorie Economique, Modélisation et Applications), Université de Cergy-Pontoise.
    14. Yusuke Kamishiro & Roberto Serrano, 2011. "Equilibrium Blocking in Large Quasilinear Economies," Mathematics of Operations Research, INFORMS, vol. 36(3), pages 552-567, August.
    15. Ulrich Schwalbe, 2003. "The Core of a Production Economy with Asymmetric Information," Metroeconomica, Wiley Blackwell, vol. 54(4), pages 385-403, November.
    16. McLean, Richard & Postlewaite, Andrew, 2005. "Core convergence with asymmetric information," Games and Economic Behavior, Elsevier, vol. 50(1), pages 58-78, January.
    17. 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.
    18. Alexander Kovalenkov & Myrna Holtz Wooders, 2001. "An Exact Bound on Epsilon for Nonemptiness of Epsilon Cores of Games," Mathematics of Operations Research, INFORMS, vol. 26(4), pages 654-678, November.
    19. Mitridati, Lesia & Kazempour, Jalal & Pinson, Pierre, 2021. "Design and game-Theoretic analysis of community-Based market mechanisms in heat and electricity systems," Omega, Elsevier, vol. 99(C).
    20. Hara, Chiaki, 2002. "The anonymous core of an exchange economy," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 91-116, September.

    More about this item

    Keywords

    Incentive compatibility; General equilibrium; Core;
    All these keywords.

    JEL classification:

    • D00 - Microeconomics - - General - - - General
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General

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