Incentive compatible core and competitive equilibria in differential information economies

If the allocations of a differential information economy are defined as inc entive compatible state-contingent lotteries over consumption goods, compet itive equilibrium allocations exist and belong to the (ex ante incentive) c ore. Furthermore, any competitive equilibrium allocation can be viewed as a n element of the core of the n-fold replicated economy, for every n. The co nverse holds under the further assumption of independent private values but not in general, as shown by a counter-example.