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On the Failure of Core Convergence in Economies with Asymmetric Information

In interim economies with asymmetric information, we show that the coarse core of Wilson (1978) does not converge to price equilibrium allocations as the economy is replicated. This failure of core convergence is a basic consequence of asymmetric information and extends to any reasonable notion of either (interim) core or price equilibrium.

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Paper provided by Brown University, Department of Economics in its series Working Papers with number 99-22.

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Date of creation: 1999
Date of revision:
Handle: RePEc:bro:econwp:99-22
Contact details of provider: Postal: Department of Economics, Brown University, Providence, RI 02912

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  1. Anderson, Robert M. & Zame, William R., 1995. "Edgeworth's Conjecture with Infinitely Many Commodities," Department of Economics, Working Paper Series qt5kb2x3cd, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
  2. Robert M. Anderson & Walter Trockel & Lin Zhou, 1997. "Nonconvergence of the Mas-Colell and Zhou Bargaining Sets," Econometrica, Econometric Society, vol. 65(5), pages 1227-1240, September.
  3. Edward C Prescott & Robert M Townsend, 2010. "Pareto Optima and Competitive Equilibria With Adverse Selection and Moral Hazard," Levine's Working Paper Archive 2069, David K. Levine.
  4. Alejandro Manelli, 1989. "Monotonic Preferences and Core Equivalence," Discussion Papers 859, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
  5. Anderson, Robert M., 1992. "The core in perfectly competitive economies," Handbook of Game Theory with Economic Applications, in: R.J. Aumann & S. Hart (ed.), Handbook of Game Theory with Economic Applications, edition 1, volume 1, chapter 14, pages 413-457 Elsevier.
  6. Gul, Faruk & Postlewaite, Andrew, 1992. "Asymptotic Efficiency in Large Exchange Economies with Asymmetric Information," Econometrica, Econometric Society, vol. 60(6), pages 1273-92, November.
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