Communication, credible improvements and the core of an economy with asymmetric information |
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| Authors: | Oscar Volij |
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| Institution: | (1) Economics Department, Brown University, Providence, Rhode Island 02912-B, USA (e-mail: oscar_volij@brown.edu), US;(2) Department of Economics, The Hebrew University of Jerusalem, Jerusalem 91905, Israel, IL |
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| Abstract: | We analyze an economy with asymmetric information and endogenize the possibilities for information transmission between members
of a coalition. We then define a concept of the Core that takes into account these communication possibilities. The internal
consistency of the improvements is considered and an Internally Consistent Core, which requires credibility from the improvements
is introduced.
Received: September 1998/revised version: June 1999 |
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| Keywords: | : Asymmetric information core common knowledge |
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