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Competitive and core allocations in large economies with differential information

Author

Listed:
  • Ezra Einy
  • Diego Moreno
  • Benyamin Shitovitz

Abstract

We study the core and competitive allocations in exchange economies with a continuum of traders and differential information. We show that if the economy is "irreducible", then a competitive equilibrium, in the sense of Radner (1968, 1982), exists. Moreover, the set of competitive equilibrium allocations coincides with the "private core" (Yannelis, 1991). We also show that the "weak fine core" of an economy coincides with the set of competitive allocations of an associated symmetric information economy in which the traders information is the joint information of all the traders in the original economy.

Suggested Citation

  • Ezra Einy & Diego Moreno & Benyamin Shitovitz, 2001. "Competitive and core allocations in large economies with differential information," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 18(2), pages 321-332.
  • Handle: RePEc:spr:joecth:v:18:y:2001:i:2:p:321-332
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    Keywords

    General equilibrium in large economies with differential information; Private core; Weak fine core.;

    JEL classification:

    • D50 - Microeconomics - - General Equilibrium and Disequilibrium - - - General
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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