Overview

The book studies the core of exchange and production economies in which agents are asymmetrically informed about states of nature. Information is modelled as part of the commodity space. When an agent joins a coalition, his information may change according to an information rule. It is shown that for exchange as well as for production economies - given that the production technology satisfies a regularity condition - the core is non-empty, i.e. even in the case of asymmetric information there exist allocations unblocked by any coalition.

Full Product Details

Author:   Ulrich Schwalbe
Publisher:   Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
Imprint:   Springer-Verlag Berlin and Heidelberg GmbH & Co. K
Edition:   1999 ed.
Volume:   474
Dimensions:   Width: 15.50cm , Height: 0.80cm , Length: 23.50cm
Weight:   0.530kg
ISBN:  

9783540660286

ISBN 10:   3540660283
Pages:   147
Publication Date:   19 August 1999
Audience:   College/higher education ,  Professional and scholarly ,  Postgraduate, Research & Scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

Introduction - Information in Models of General Equilibrium.- Information as a Commodity.- Information as a Characteristic of an Agent.- Organization of the Analysis.- Survey of the Literature.- The Information of the Agents.- Commodities, Consumption Sets, and Initial Endowments.- Preferences.- The Impact of Information on Consumption Plans.- Information of the Agents as Coalition Members.- Feasible Allocations.- The Blocking of an Allocation by a Coalition.- Incentive Compatibility.- Definitions of the Core.- Existence of Core Allocations.- Properties of Core Allocations.- Replica Theorems and Large Economies.- Exchange Economies.- Exchange Economies with Asymmetric Information.- An Exchange Economy with Information Rule.- The Game Generated by an Exchange Economy with Information Rule.- Extensions: Incentives, Sequential Trade, and Learning.- Conclusion.- Production Economies.- Coalition Production Economies with Asymmetric Information.- Feasible Allocations.- The Core of a Production Economy with Asymmetric Information.- The Cooperative Game Generated by a Production Economy.- Balanced Technologies and the Existence of Core Allocations.- Costs of Coalition Formation.- Summary and Discussion. Conclusion.

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