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Competitive and core allocations in large economies with differential information

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Author Info

  • Ezra Einy
  • Diego Moreno
  • Benyamin Shitovitz

Abstract

We study the core and competitive allocations in exchange economies with a continuum of traders and differential information. We show that if the economy is "irreducible", then a competitive equilibrium, in the sense of Radner (1968, 1982), exists. Moreover, the set of competitive equilibrium allocations coincides with the "private core" (Yannelis, 1991). We also show that the "weak fine core" of an economy coincides with the set of competitive allocations of an associated symmetric information economy in which the traders information is the joint information of all the traders in the original economy.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 18 (2001)
Issue (Month): 2 ()
Pages: 321-332

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Handle: RePEc:spr:joecth:v:18:y:2001:i:2:p:321-332

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Related research

Keywords: General equilibrium in large economies with differential information; Private core; Weak fine core.;

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Cited by:
  1. Evren, Özgür & Hüsseinov, Farhad, 2008. "Theorems on the core of an economy with infinitely many commodities and consumers," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1180-1196, December.
  2. Flåm, Sjur Didrik & Koutsougeras, L., 2007. "Private Information, Transferable Utility, and the Core," Working Papers in Economics 04/07, University of Bergen, Department of Economics.
  3. Einy, Ezra & Moreno, Diego & Shitovitz, Benyamin, 2002. "Information Advantage in Cournot Oligopoly," Journal of Economic Theory, Elsevier, vol. 106(1), pages 151-160, September.
  4. McLean, Richard & Postlewaite, Andrew, 2005. "Core convergence with asymmetric information," Games and Economic Behavior, Elsevier, vol. 50(1), pages 58-78, January.
  5. Forges, Francoise & Minelli, Enrico & Vohra, Rajiv, 2002. "Incentives and the core of an exchange economy: a survey," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 1-41, September.
  6. Sun, Yeneng & Yannelis, Nicholas C., 2007. "Core, equilibria and incentives in large asymmetric information economies," Games and Economic Behavior, Elsevier, vol. 61(1), pages 131-155, October.
  7. Angeloni, Laura & Martins-da-Rocha, Victor-Filipe, 2009. "Large economies with differential information and without free disposal," Economics Papers from University Paris Dauphine 123456789/2344, Paris Dauphine University.
  8. Marialaura Pesce, 2010. "On mixed markets with asymmetric information," Economic Theory, Springer, vol. 45(1), pages 23-53, October.
  9. repec:hal:journl:halshs-00173787 is not listed on IDEAS
  10. Bhowmik, Anuj & Cao, Jiling, 2013. "Robust efficiency in mixed economies with asymmetric information," Journal of Mathematical Economics, Elsevier, vol. 49(1), pages 49-57.
  11. Carlos Hervés-Beloso & Claudia Meo & Emma Moreno-García, 2014. "Information and size of coalitions," Economic Theory, Springer, vol. 55(3), pages 545-563, April.
  12. Bhowmik, Anuj & Cao, Jiling, 2011. "Infinite dimensional mixed economies with asymmetric information," MPRA Paper 35618, University Library of Munich, Germany.
  13. João Correia-da-Silva & Carlos Hervés-Beloso, 2012. "General equilibrium in economies with uncertain delivery," Economic Theory, Springer, vol. 51(3), pages 729-755, November.

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