In this paper we consider a pure exchange economy with a finite set of types of agents which have incomplete and asymmetric information on the states of nature. Our aim is to describe the equilibrium price formation and how the lack of information may affect the allocation of resources. For it, we adapt to an asymmetric information scenario a variant of the Shapley-Shubik game introduced by Dubey and Geanakoplos (2003).
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
15176.
Find related papers by JEL classification: C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
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