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The veto mechanism in atomic differential information economies

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  • Pesce, Marialaura

Abstract

We establish new characterizations of Walrasian expectations equilibria based on the veto mechanism in the framework of differential information economies with a complete finite measure space of agents. 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 arbitrarily small and big coalitions, providing an extension to mixed markets of well known Schmeidler (1972) and Vind’s (1972) results in terms of Aubin private core allocations.

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  • Pesce, Marialaura, 2014. "The veto mechanism in atomic differential information economies," Journal of Mathematical Economics, Elsevier, vol. 53(C), pages 33-45.
    • Handle: RePEc:eee:mateco:v:53:y:2014:i:c:p:33-45
    DOI: 10.1016/j.jmateco.2014.05.006
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    1. Bhowmik, Anuj & Graziano, Maria Gabriella, 2015. "On Vind’s theorem for an economy with atoms and infinitely many commodities," Journal of Mathematical Economics, Elsevier, vol. 56(C), pages 26-36.
    2. Chiara Donnini & Marialaura Pesce, 2021. "Fairness and fuzzy coalitions," International Journal of Game Theory, Springer;Game Theory Society, vol. 50(4), pages 1033-1052, December.
    3. Graziano, Maria Gabriella & Pesce, Marialaura & Urbinati, Niccolò, 2020. "Generalized coalitions and bargaining sets," Journal of Mathematical Economics, Elsevier, vol. 91(C), pages 80-89.
    4. Anuj Bhowmik, 2015. "Core and coalitional fairness: the case of information sharing rules," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 60(3), pages 461-494, November.
    5. Bhowmik, Anuj, 2022. "On The Core Of An Economy With Arbitrary Consumption Sets And Asymmetric Information," MPRA Paper 115795, University Library of Munich, Germany.
    6. Achille Basile & Maria Gabriella Graziano & Ciro Tarantino, 2018. "Coalitional fairness with participation rates," Journal of Economics, Springer, vol. 123(2), pages 97-139, March.
    7. Bhowmik Anuj & Gabriella Graziano Maria, 2020. "Blocking Coalitions and Fairness in Asset Markets and Asymmetric Information Economies," The B.E. Journal of Theoretical Economics, De Gruyter, vol. 20(1), pages 1-29, January.

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