Incentive compatible core and competitive equilibria in differential information economies

Aviad Heifetz, Francoise Forges and Enrico Minelli
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Aviad Heifetz: School of Economics, University of Tel Aviv, Tel Aviv, ISRAEL

Economic Theory, 2001, vol. 18, issue 2, 349-365

Abstract: 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.

Keywords: Incentive compatibility; General equilibrium; Core. (search for similar items in EconPapers)
JEL-codes: C71 D51 D82 (search for similar items in EconPapers)
Date: 2001-05-08
Note: Received: August 9, 1999; revised version: September 12, 1999
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Working Paper: Incentive compatible core and competitive equilibria in differential information economies (2001)
Working Paper: Incentive compatible core and competitive equilibria in differential information economies (1999)
Working Paper: Incentive Compatible Core and Competitive Equilibria in Differential Information Economics (1999)
Working Paper: Incentive Compatible Core and Competitive Equilibria in Differential Information Economies (1999)
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