Core Convergence with Asymmetric Information

23 Pages Posted: 17 Nov 2003

See all articles by Richard P. McLean

Richard P. McLean

Rutgers University - Department of Economics

Andrew Postlewaite

University of Pennsylvania - Department of Economics

Date Written: October 30, 2003

Abstract

We analyze the ex ante incentive compatible core for replicated private information economies. We show that any allocation in the core when the economy is replicated sufficiently often is approximately Walrasian for the associated Arrow-Debreu economy.

Keywords: Core, Asymmetric Information, Incentive Compatibility, Exchange Economy

JEL Classification: C71, D82, D51

Suggested Citation

McLean, Richard P. and Postlewaite, Andrew, Core Convergence with Asymmetric Information (October 30, 2003). Available at SSRN: https://ssrn.com/abstract=469084 or http://dx.doi.org/10.2139/ssrn.469084

Richard P. McLean

Rutgers University - Department of Economics ( email )

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Andrew Postlewaite (Contact Author)

University of Pennsylvania - Department of Economics ( email )

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HOME PAGE: http://www.econ.upenn.edu/~apostlew

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