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On the Failure of Core Convergence in Economies with Asymmetric Information

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Abstract

In interim economies with asymmetric information, we show that the coarse core of Wilson (1978) does not converge to price equilibrium allocations as the economy is replicated. This failure of core convergence is a basic consequence of asymmetric information and extends to any reasonable notion of either (interim) core or price equilibrium.

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Bibliographic Info

Paper provided by Brown University, Department of Economics in its series Working Papers with number 99-22.

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Date of creation: 1999
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Handle: RePEc:bro:econwp:99-22

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Postal: Department of Economics, Brown University, Providence, RI 02912

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  1. Robert M. Anderson and William R. Zame., 1995. "Edgeworth's Conjecture with Infinitely Many Commodities," Economics Working Papers, University of California at Berkeley 95-235, University of California at Berkeley.
  2. Gul, Faruk & Postlewaite, Andrew, 1992. "Asymptotic Efficiency in Large Exchange Economies with Asymmetric Information," Econometrica, Econometric Society, Econometric Society, vol. 60(6), pages 1273-92, November.
  3. Prescott, Edward C & Townsend, Robert M, 1984. "Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard," Econometrica, Econometric Society, Econometric Society, vol. 52(1), pages 21-45, January.
  4. Robert M. Anderson & Walter Trockel & Lin Zhou, 1997. "Nonconvergence of the Mas-Colell and Zhou Bargaining Sets," Econometrica, Econometric Society, Econometric Society, vol. 65(5), pages 1227-1240, September.
  5. Anderson, Robert M., 1992. "The core in perfectly competitive economies," Handbook of Game Theory with Economic Applications, Elsevier, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 14, pages 413-457 Elsevier.
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