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The Veto Mechanism in Atomic Differential Information Economies

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  • Maria Laura Pesce

    ()
    (Università di Napoli Federico II)

Abstract

We establish new characterizations of Walrasian expectations equilibria based on the veto mechanism in the framework of differential information economies with a finite number of states of nature and a measure space of agents that may have atoms. We show that it is enough to consider the veto power of a single coalition, consisting of the entire set of agents, to obtain the Aubin private core. Moreover, we investigate on the veto power of arbitrary small and big coalitions, providing an extension to mixed markets of the well known Schmeidler [20] and Vind’s [22] results in terms of Aubin private core allocations.

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Paper provided by Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy in its series CSEF Working Papers with number 331.

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Date of creation: 06 May 2013
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Handle: RePEc:sef:csefwp:331

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  1. Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, vol. 46(4), pages 807-16, July.
  2. 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.
  3. Hervés-Beloso, Carlos & Moreno-Garci­a, Emma, 2008. "Competitive equilibria and the grand coalition," Journal of Mathematical Economics, Elsevier, vol. 44(7-8), pages 697-706, July.
  4. Vind, Karl, 1972. "A Third Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, vol. 40(3), pages 585-86, May.
  5. Yannelis, Nicholas C, 1991. "The Core of an Economy with Differential Information," Economic Theory, Springer, vol. 1(2), pages 183-97, April.
  6. 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, vol. 26(2), pages 361-381, 08.
  7. Noguchi, Mitsunori, 2000. "A fuzzy core equivalence theorem," Journal of Mathematical Economics, Elsevier, vol. 34(1), pages 143-158, August.
  8. Husseinov, Farhad, 1994. "Interpretation of Aubin's fuzzy coalitions and their extension : Relaxation of finite exchange economics," Journal of Mathematical Economics, Elsevier, vol. 23(5), pages 499-516, September.
  9. De Simone, Anna & Graziano, Maria Gabriella, 2003. "Cone conditions in oligopolistic market models," Mathematical Social Sciences, Elsevier, vol. 45(1), pages 53-73, February.
  10. Greenberg, Joseph & Shitovitz, Benyamin, 1986. "A simple proof of the equivalence theorem for oligopolistic mixed markets," Journal of Mathematical Economics, Elsevier, vol. 15(2), pages 79-83, April.
  11. Grodal, Birgit, 1972. "A Second Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, vol. 40(3), pages 581-83, May.
  12. Schmeidler, David, 1972. "A Remark on the Core of an Atomless Economy," Econometrica, Econometric Society, vol. 40(3), pages 579-80, May.
  13. Marialaura Pesce, 2010. "On mixed markets with asymmetric information," Economic Theory, Springer, vol. 45(1), pages 23-53, October.
  14. Shitovitz, Benyamin, 1973. "Oligopoly in Markets with a Continuum of Traders," Econometrica, Econometric Society, vol. 41(3), pages 467-501, May.
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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 364, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.

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