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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. 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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  4. Yannelis, Nicholas C, 1991. "The Core of an Economy with Differential Information," Economic Theory, Springer, Springer, vol. 1(2), pages 183-97, April.
  5. 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.
  6. Joao Correia-da-Silva & Carlos Hervés-Beloso, 2006. "Prudent Expectations Equilibrium in Economies with Uncertain Delivery," FEP Working Papers 216, Universidade do Porto, Faculdade de Economia do Porto.
  7. 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.
  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.
  9. Grodal, Birgit, 1972. "A Second Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, Econometric Society, vol. 40(3), pages 581-83, May.
  10. 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.
  11. Han Ozsoylev & Jan Werner, 2011. "Liquidity and asset prices in rational expectations equilibrium with ambiguous information," Economic Theory, Springer, Springer, vol. 48(2), pages 469-491, October.
  12. 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.
  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. Schmeidler, David, 1972. "A Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, Econometric Society, vol. 40(3), pages 579-80, May.
  15. 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.
  16. Podczeck, Konrad, 1996. "Equilibria in vector lattices without ordered preferences or uniform properness," Journal of Mathematical Economics, Elsevier, vol. 25(4), pages 465-485.
  17. 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.
  18. Vind, Karl, 1972. "A Third Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, Econometric Society, vol. 40(3), pages 585-86, May.
  19. Garcia-Cutrin, Javier & Herves-Beloso, Carlos, 1993. "A Discrete Approach to Continuum Economies," Economic Theory, Springer, Springer, vol. 3(3), pages 577-83, July.
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Cited by:
  1. Bhowmik, Anuj, 2014. "Core and Coalitional Fairness: The Case of Information Sharing Rule," MPRA Paper 56644, University Library of Munich, Germany.
  2. 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.

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