The ex ante incentive compatible core in the absence of wealth effects
Forges, Françoise; Mertens, Jean-François; Vohra, Rajiv (2002), The ex ante incentive compatible core in the absence of wealth effects, Econometrica, 70, 5, p. 1865–1892. http://dx.doi.org/10.1111/1468-0262.00356
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Abstract (EN)In a differential information economy with quasi–linear utilities, monetary transfers facilitate the fulfillment of incentive compatibility constraints : the associated ex ante core is generically nonempty. However, we exhibit a well–behaved exchange economy in which this core is empty, even if goods are allocated through random mechanisms.
Subjects / KeywordsExchange economy; Core; quasi–linear; absence of wealth effects; transferable utility; ex ante; incentive compatibility; asymmetric information
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