Asymptotic efficiency in large exchange economies with asymmetric information

摘要: The authors provide conditions on an exchange economy with asymmetric information that guarantee when the is replicated sufficiently often, there will be allocation incentive compatible, individually rational, and nearly efficient. main theorem covers both case in which aggregate uncertainty remains replication eliminates uncertainty. In addition, demonstrate how their does or not apply to standard problems such as buyer's bid double auction problem, Akerlof's lemons insurance information. Copyright 1992 by Econometric Society.