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Incentive compatible core and competitive equilibria in differential information economies

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Date
2001
Dewey
Microéconomie
Sujet
Incentive compatibility; General equilibrium; Core
JEL code
D82; C71; D51
Journal issue
Economic theory
Volume
18
Number
2
Publication date
2001
Article pages
349-365
Publisher
Springer
DOI
http://dx.doi.org/10.1007/PL00004188
URI
https://basepub.dauphine.fr/handle/123456789/5451
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  • CEREMADE : Publications
  • LEDa : Publications
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Author
Forges, Françoise
Heifetz, Aviad
Minelli, Enrico
Type
Article accepté pour publication ou publié
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.

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