Book chapter
Equilibrium concepts in differential information economies
Differential Information Economies, pp.1-53
Studies in Economic Theory, Springer Nature
01/01/2005
DOI: 10.1007/3-540-26979-7_1
Abstract
We summarize here basic cooperative and noncooperative equilibrium concepts, in the context of differential information economies with a finite number of agents. These, on the one hand, game theoretic, and, on the other hand, Walrasian equilibrium type concepts are explained, and their relation is pointed out, in the context of specific economies with one or two goods and two or three agents. We analyze the incentive compatibility of several cooperative and noncooperative concepts, and also we discuss briefly the possible implementation of these concepts as perfect Bayesian equilibria through the construction of relevant game trees. This possibility is related to whether the allocation is incentive compatible. This depends on whether there is free disposal or not.
Details
- Title: Subtitle
- Equilibrium concepts in differential information economies
- Creators
- Dionysius Glycopantis - City Univ London, Dept Econ, London EC1V 0HB, EnglandNicholas C. Yannelis - Univ Illinois, Dept Econ, Urbana, IL 61820 USA
- Contributors
- D Glycopantis (Editor)Nicholas C Yannelis (Editor) - University of Iowa, Economics
- Resource Type
- Book chapter
- Publication Details
- Differential Information Economies, pp.1-53
- Publisher
- Springer Nature; BERLIN
- Series
- Studies in Economic Theory
- DOI
- 10.1007/3-540-26979-7_1
- ISSN
- 1431-8849
- Number of pages
- 53
- Language
- English
- Date published
- 01/01/2005
- Academic Unit
- Economics
- Record Identifier
- 9984380632102771
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