Market games with asymmetric information: The core

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Abstract

This paper concerns cores of economies with asymmetric information. Alternative definitions of the information available to traders in coalitions and the cooperative games they generate are analyzed. An important technical result states that such NTU games in characteristic function form are well defined. Properties of various cores with asymmetric information are examined. Sufficient conditions on information sharing rules are provided for the induced games to be totally balanced or balanced, so that their cores are nonempty. Incentive compatibility issues are considered. Finally, a perspective on this research area is provided.

Original languageEnglish (US)
Pages (from-to)465-487
Number of pages23
JournalEconomic Theory
Volume29
Issue number2
DOIs
StatePublished - Oct 1 2006

Keywords

  • Asymmetric information
  • Balancedness
  • Core
  • Exchange economy

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