The Veto Mechanism in Atomic Differential Information Economies
AbstractWe 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  and Vind’s  results in terms of Aubin private core allocations.
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Bibliographic InfoPaper provided by Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy in its series CSEF Working Papers with number 331.
Date of creation: 06 May 2013
Date of revision:
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-05-11 (All new papers)
- NEP-CTA-2013-05-11 (Contract Theory & Applications)
- NEP-MIC-2013-05-11 (Microeconomics)
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