Contract enforcement and incentive compatibility in large economies with differential information: the role of exact feasibility

We consider exchange economies with a continuum of agents and differential information about finitely many states of nature. It was proved in Einy, Moreno and Shitovitz (2001) that if we allow for free disposal in the market clearing (feasibility) constraints then an irreducible economy has a competitive (or Walrasian expectations) equilibrium, and moreover, the set of competitive equilibrium allocations coincides with the private core. However when feasibility is defined with free disposal, competitive equilibrium allocations may not be incentive compatible and contracts may not be enforceable (see e.g. Glycopantis, Muir and Yannelis (2002)). This is the main motivation for considering equilibrium solutions with exact feasibility. We first prove that the results in Einy et al. (2001) are still valid without free-disposal. Then we define an incentive compatibility property motivated by the issue of contracts’ execution and we prove that every Pareto optimal exact feasible allocation is incentive compatible, implying that contracts of a competitive or core allocations are enforceable.

Fatores-chave na qualidade de sistemas de home broker : uma análise teórico-empírica

This work has as main objective the development of a key factors¿ model for the quality of Home Broker systems. An explanatory research was performed, based on a quantitative approach. To achieve this goal, some theoretical models of technology acceptance (TAM, TRA, TPB and IDT), reliability and quality of service were reviewed. It was proposed an extended key factors¿ model and developed a questionnaire, which was the research instrument used in this study. The questionnaire was applied over the Internet, from which was obtained a participation of 113 valid respondents, all of them users of Home Broker system. Once performed the data collection, statistical tests were used for the Factorial Analysis in order to achieve a definitive model. The key factors found were Perceived Usefulness, Perceived Ease of Use, Subjective Norms, Compatibility, Reliability and Relative Advantage. Some hypotheses from the model were also tested to investigate the relationship between the importance given to the factors and the resulting degree of satisfaction about quality of service. As a result of the study, a key factors¿ model for the quality of Home Broker systems was established, and identified that the factor Compatibility" has more explanatory power than the others."