Bounded rational learning in differential information economies: core and value

Article Abstract:

The evolution of private core and private value allocations as individuals acquire information through time was examined via application of the private core and the private value to a dynamic economy. A limit of full information economy was defined in addressing issues on a subsequence that converges to a private core (value) x allocation and on a sequence xte of approximate private core (value) allocations. The results suggested that the approximate notions considered can be viewed as the errors made by agents because of bounded rationality.

Economics, Research and Development in the Social Sciences and Humanities, Models, Information theory, Value (Economics), Allocation (Accounting), Information theory in economics

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Debt contracts and cooperative improvements

Article Abstract:

A thorough discussion of such concepts as coalitional perfect Bayesian Nash equilibrium, cooperative and non-cooperative games and debt contract is provided. The existence of efficient equilibriums is proven. It is suggested that deterministic debt contracts are optimal for a general class of economies.

Liquidation

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An equivalence theorem for a differential information economy

Article Abstract:

The development of an equivalence theorem for a differential information economy is attempted. The deterministic Arrow-Debreu-McKenzie model is a special case of the differential information economy model.

Economic conditions

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