EconPapers    
Economics at your fingertips  
 

On the Failure of Core Convergence in Economies with Asymmetric Information

Roberto Serrano (), Rajiv Vohra () and Oscar Volij ()

Economic theory and game theory from Oscar Volij

Abstract: In interim economies with asymmetric information, we show that the coarse core of Wilson (1978) does not converge to price equilibrium allocations as the economy is replicated. This failure of core convergence is a basic consequence of asymmetric information and extends to any reasonable notion of either (interim) core or price equilibrium.

Keywords: core; price equilibrium; asymmetric information; interim economies; sunspot economies. (search for similar items in EconPapers)
JEL-codes: C71 D51 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mic
Date: 1999-11-11
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2) Track citations by RSS feed

Published in Econometrica, 69, 1685--1696 (2001).

Downloads: (external link)
http://volij.co.il/publications/papers/failure_core.pdf (application/pdf)

Related works:
Journal Article: On the Failure of Core Convergence in Economies with Asymmetric Information (2001) Downloads
Working Paper: On the Failure of Core Convergence in Economies with Asymmetric Information (2000) Downloads
Working Paper: On the Failure of Core Convergence in Economies with Asymmetric Information (1999) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nid:ovolij:011

Ordering information: This working paper can be ordered from
http://volij.co.il/addr.html

Access Statistics for this paper

More papers in Economic theory and game theory from Oscar Volij Oscar Volij, Department of Economics, Ben-Gurion University, Beer-Sheva 84105, Israel.
Bibliographic data for series maintained by Oscar Volij ().

 
Page updated 2019-11-20
Handle: RePEc:nid:ovolij:011