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General equilibrium in economies with uncertain delivery

  • João Correia-da-Silva

    ()

  • Carlos Hervés-Beloso

We consider a general equilibrium model of trade ex ante with differential information in which agents choose plans of state-contingent lists of bundles. Being unable to verify that the state of nature is s and not t, an agent has to accept the delivery of any bundle in the list for delivery in state s or in the list for delivery in state t. Under the assumption that each state of nature can be verified by at least one agent, we establish existence of equilibrium and we show that the equilibrium allocation satisfies a notion of coalitional incentive compatibility. Copyright Springer-Verlag 2012

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File URL: http://hdl.handle.net/10.1007/s00199-011-0647-1
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Article provided by Springer in its journal Economic Theory.

Volume (Year): 51 (2012)
Issue (Month): 3 (November)
Pages: 729-755

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Handle: RePEc:spr:joecth:v:51:y:2012:i:3:p:729-755
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  1. Correia-da-Silva, João & Hervés-Beloso, Carlos, 2008. "Subjective expectations equilibrium in economies with uncertain delivery," Journal of Mathematical Economics, Elsevier, vol. 44(7-8), pages 641-650, July.
  2. Yannelis, Nicholas C, 1991. "The Core of an Economy with Differential Information," Economic Theory, Springer, vol. 1(2), pages 183-97, April.
  3. Laura Angeloni & V. Martins-da-Rocha, 2009. "Large economies with differential information and without free disposal," Economic Theory, Springer, vol. 38(2), pages 263-286, February.
  4. 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.
  5. Hervés-Beloso, Carlos & Martins-da-Rocha, Victor Filipe & Monteiro, Paulo Klinger, 2008. "Equilibrium theory with asymmetric information and infinitely many states," Economics Working Papers (Ensaios Economicos da EPGE) 673, FGV/EPGE Escola Brasileira de Economia e Finanças, Getulio Vargas Foundation (Brazil).
  6. Ezra Einy & Diego Moreno & Benyamin Shitovitz, 2001. "Competitive and core allocations in large economies with differential information," Economic Theory, Springer, vol. 18(2), pages 321-332.
  7. 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.
  8. Radner, Roy, 1979. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Econometrica, Econometric Society, vol. 47(3), pages 655-78, May.
  9. Allen, Beth E, 1981. "Generic Existence of Completely Revealing Equilibria for Economies with Uncertainty when Prices Convey Information," Econometrica, Econometric Society, vol. 49(5), pages 1173-99, September.
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