Core Convergence with Asymmetric Information

McLean, Richard; Postlewaite, Andrew

doi:10.2139/ssrn.469084

Abstract

Citations (1)

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Core Convergence with Asymmetric Information

Richard P. McLean

Rutgers University - Department of Economics

University of Pennsylvania - Department of Economics

October 30, 2003

PIER Working Paper No. 03-027

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.

Number of Pages in PDF File: 23

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

JEL Classification: C71, D82, D51

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Date posted: November 17, 2003

Suggested Citation

McLean, Richard P. and Postlewaite, Andrew, Core Convergence with Asymmetric Information (October 30, 2003). PIER Working Paper No. 03-027. Available at SSRN: http://ssrn.com/abstract=469084 or http://dx.doi.org/10.2139/ssrn.469084

Contact Information

Richard P. McLean Rutgers University - Department of Economics ( email ) 75 Hamilton Street New Jersey Hall New Brunswick, NJ 08901 United States 732-932-7709 (Phone) 732-932-7416 (Fax)
Andrew Postlewaite (Contact Author) University of Pennsylvania - Department of Economics ( email ) 3718 Locust Walk Philadelphia, PA 19104 United States 215-898-7350 (Phone) 215-573-2057 (Fax) HOME PAGE: http://www.econ.upenn.edu/~apostlew

Abstract

Citations (1)

Footnotes (6)

Core Convergence with Asymmetric Information

Richard P. McLean

Andrew Postlewaite

Date posted: November 17, 2003

Suggested Citation

Contact Information

Richard P. McLean

Andrew Postlewaite (Contact Author)