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On the core and Walrasian expectations equilibrium in infinite dimensional commodity spaces

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  • Bhowmik, Anuj
  • Cao, Jiling

Abstract

In this paper, we establish two different characterizations of Walrasian expectations allocations by the veto power of the grand coalition in an asymmetric information economy having finitely many agents and states of nature and whose commodity space is a Banach lattice. The first one deals with Aubin non-dominated allocations, and the other claims that an allocation is a Walrasian expectations allocation if and only if it is not privately dominated by the grand coalition, by considering perturbations of the original initial endowments in precise directions.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 35060.

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Date of creation: 23 Jun 2011
Date of revision: 28 Nov 2011
Handle: RePEc:pra:mprapa:35060

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Keywords: Asymmetric information economy; Aubin non-dominated allocation; Private core; Privately non-dominated allocation; Properness; Walrasian expectations allocation;

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  1. Einy, Ezra & Moreno, Diego & Shitovitz, Benyamin, 2000. "On the Core of an Economy with Differential Information," Journal of Economic Theory, Elsevier, Elsevier, vol. 94(2), pages 262-270, October.
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  5. Luciano De Castro & Marialaura Pesce & Nicolas Yannelis, 2011. "Core and Equilibria under ambiguity," Discussion Papers, Northwestern University, Center for Mathematical Studies in Economics and Management Science 1534, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
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  8. Carlos Hervés-Beloso & Emma Moreno-García & Nicholas Yannelis, 2005. "Characterization and incentive compatibility of Walrasian expectations equilibrium in infinite dimensional commodity spaces," Economic Theory, Springer, Springer, vol. 26(2), pages 361-381, 08.
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  11. Konrad Podczeck, 2003. "Core and Walrasian equilibria when agents' characteristics are extremely dispersed," Economic Theory, Springer, Springer, vol. 22(4), pages 699-725, November.
  12. Tourky, Rabee & Yannelis, Nicholas C., 2001. "Markets with Many More Agents than Commodities: Aumann's "Hidden" Assumption," Journal of Economic Theory, Elsevier, Elsevier, vol. 101(1), pages 189-221, November.
  13. Gilboa, Itzhak & Schmeidler, David, 1989. "Maxmin expected utility with non-unique prior," Journal of Mathematical Economics, Elsevier, vol. 18(2), pages 141-153, April.
  14. Herves-Beloso, Carlos & Moreno-Garcia, Emma & Yannelis, Nicholas C., 2005. "An equivalence theorem for a differential information economy," Journal of Mathematical Economics, Elsevier, vol. 41(7), pages 844-856, November.
  15. Podczeck, Konrad, 1996. "Equilibria in vector lattices without ordered preferences or uniform properness," Journal of Mathematical Economics, Elsevier, vol. 25(4), pages 465-485.
  16. Podczeck, Konrad & Yannelis, Nicholas C., 2008. "Equilibrium theory with asymmetric information and with infinitely many commodities," Journal of Economic Theory, Elsevier, Elsevier, vol. 141(1), pages 152-183, July.
  17. 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.
  18. Scott Condie & Jayant Ganguli, 2011. "Informational efficiency with ambiguous information," Economic Theory, Springer, Springer, vol. 48(2), pages 229-242, October.
  19. Herves-Beloso, Carlos & Moreno-Garcia, Emma & Nunez-Sanz, Carmelo & Rui Pascoa, Mario, 2000. "Blocking Efficacy of Small Coalitions in Myopic Economies," Journal of Economic Theory, Elsevier, Elsevier, vol. 93(1), pages 72-86, July.
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Cited by:
  1. Anuj Bhowmik & Maria Gabriella Graziano, 2014. "On Vind's Theorem for an Economy with Atoms and Infinitely Many Commodities," CSEF Working Papers, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy 364, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
  2. Bhowmik, Anuj, 2014. "Core and Coalitional Fairness: The Case of Information Sharing Rule," MPRA Paper 56644, University Library of Munich, Germany.

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