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Exchange economies with asymmetric information: competitive equilibrium and core

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Author Info
Stefan Maus ()
Abstract

A replica theorem is shown to hold for exchange economies with asymmetric information. In a replicated exchange economy with asymmetric information the set of all core elements with equal treatment is nonempty, but it is in general only a subset of the core. Nevertheless, the replica theorem and the presence of at least one core element with equal treatment suffice to show existence of a competitive quasi-equilibrium. Conditions on the initial endowments and the communication system are given to ensure that every competitive quasi-equilibrium is a competitive equilibrium. Copyright Springer-Verlag Berlin/Heidelberg 2004

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File URL: http://hdl.handle.net/10.1007/s00199-003-0416-x
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Publisher Info
Article provided by Springer in its journal Economic Theory.

Volume (Year): 24 (2004)
Issue (Month): 2 (August)
Pages: 395-418
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Handle: RePEc:spr:joecth:v:24:y:2004:i:2:p:395-418

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Related research
Keywords: Core; Competitive (quasi-)equilibrium; Equal treatment; Exchange economy with asymmetric information; Replica theorem.;

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  1. Carlos Hervés-Beloso & V. Martins-da-Rocha & Paulo Monteiro, 2009. "Equilibrium theory with asymmetric information and infinitely many states," Economic Theory, Springer, vol. 38(2), pages 295-320, February. [Downloadable!] (restricted)
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  2. Claudia Meo, 2009. "Existence of Edgeworth equilibria for economies with asymmetric information," Economic Theory, Springer, vol. 38(2), pages 371-383, February. [Downloadable!] (restricted)
  3. Guadalupe Fugarolas-Alvarez-Ude & Carlos Hervés-Beloso & Emma Moreno-García & Juan Torres-Martínez, 2009. "A market game approach to differential information economies," Economic Theory, Springer, vol. 38(2), pages 321-330, February. [Downloadable!] (restricted)
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