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Competitive Equilibria and the Core of Exchange Economies under Asymmetric Information

Author

Listed:
  • Geoffroy de Clippel

Abstract

I argue in favor of a competitive screening approach for studying the question of coalition formation in exchange economies under asymmetric information. I obtain a new notion of core that refines Wilson (1978)'s coarse core. It is nonempty under the standard regularity conditions. I also justify a notion of competitive equilibrium formerly introduced by Wilson as a technical tool for proving the nonemptiness of the coarse core. Indeed, the core converges to the set of Wilson equilibria when the economy is replicated

Suggested Citation

  • Geoffroy de Clippel, 2004. "Competitive Equilibria and the Core of Exchange Economies under Asymmetric Information," Econometric Society 2004 North American Summer Meetings 174, Econometric Society.
    • Handle: RePEc:ecm:nasm04:174
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    More about this item

    Keywords

    Competitive equilibria; Core; Competitive Screening; Asymmetric Information;
    All these keywords.

    JEL classification:

    • C7 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory
    • D5 - Microeconomics - - General Equilibrium and Disequilibrium
    • D8 - Microeconomics - - Information, Knowledge, and Uncertainty

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