Titolo
An entropy-based protocol for information sharing in asymmetric information economies
Periodico
Università degli Studi del Piemonte Orientale 'A. Avogadro' : Facoltà di Economia - Dipartimento di Scienze Economiche e Metodi Quantitativi "SEMEQ" - Quaderni
Anno: 2010 - Fascicolo: 1 - Pagina iniziale: 1 - Pagina finale: 24

We consider an economy with asymmetric information of the basic variety (pure exchange with a finite number of states of nature, commodities and traders) and focus on the issue of information pooling inside coalitions in the pre-trade stage. In particular, our goal is to construct in a partially endogenous way a sharing rule which regulates the information trades among individuals; such a rule is defined by assuming the information-theoretic entropy associated with each partition  of the set of possible states of nature as an index for the informational power of each trader and by following some basilar and intuitive principles. The information sharing rule which results is easily proven to be nested, so that the associated core for the economy is non-empty.



Testo completo: http://semeq.unipmn.it/files/WP2010(1).pdf

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