Incentive compatible core and competitive equilibria in differential information economies
Forges, Françoise; Heifetz, Aviad; Minelli, Enrico (2001), Incentive compatible core and competitive equilibria in differential information economies, Economic theory, 18, 2, p. 349-365. http://dx.doi.org/10.1007/PL00004188
TypeArticle accepté pour publication ou publié
Journal nameEconomic theory
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Abstract (EN)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.
Subjects / KeywordsIncentive compatibility; General equilibrium; Core
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