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Fine value allocations in large exchange economies with differential information

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  • Einy, Ezra
  • Moreno, Diego
  • Shitovitz, Benyamin

Abstract

We show that the set of fine value allocations of a pure exchange economy with a continuum of traders and differential information coincides with the set of competitive allocations of an associated symmetric information economy in which each trader has the "joint infomation" of all the traders in the original economy.

Suggested Citation

  • Einy, Ezra & Moreno, Diego & Shitovitz, Benyamin, 1999. "Fine value allocations in large exchange economies with differential information," UC3M Working papers. Economics 6128, Universidad Carlos III de Madrid. Departamento de Economía.
  • Handle: RePEc:cte:werepe:6128
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    References listed on IDEAS

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    1. Aumann, Robert J & Dreze, Jacques H, 1986. "Values of Markets with Satiation or Fixed Prices," Econometrica, Econometric Society, vol. 54(6), pages 1271-1318, November.
    2. Wilson, Robert B, 1978. "Information, Efficiency, and the Core of an Economy," Econometrica, Econometric Society, vol. 46(4), pages 807-816, July.
    3. Dubey, Pradeep & Neyman, Abraham, 1984. "Payoffs in Nonatomic Economies: An Axiomatic Approach," Econometrica, Econometric Society, vol. 52(5), pages 1129-1150, September.
    4. Aumann, Robert J, 1975. "Values of Markets with a Continuum of Traders," Econometrica, Econometric Society, vol. 43(4), pages 611-646, July.
    5. Koutsougeras, Leonidas C & Yannelis, Nicholas C, 1993. "Incentive Compatibility and Information Superiority of the Core of an Economy with Differential Information," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 3(2), pages 195-216, April.
    6. Einy, Ezra & Moreno, Diego & Shitovitz, Benyamin, 1998. "Existence and equivalence of competitive and core allocations in large exchange economies with differential information," UC3M Working papers. Economics 6078, Universidad Carlos III de Madrid. Departamento de Economía.
    7. Champsaur, Paul, 1975. "Cooperation versus competition," Journal of Economic Theory, Elsevier, vol. 11(3), pages 394-417, December.
    8. Wooders, Myrna Holtz & Zame, William R., 1987. "Large games: Fair and stable outcomes," Journal of Economic Theory, Elsevier, vol. 42(1), pages 59-93, June.
    9. Krasa, Stefan & Yannelis, Nicholas C, 1994. "The Value Allocation of an Economy with Differential Information," Econometrica, Econometric Society, vol. 62(4), pages 881-900, July.
    10. Hart, Sergiu, 1977. "Values of non-differentiable markets with a continuum of traders," Journal of Mathematical Economics, Elsevier, vol. 4(2), pages 103-116, August.
    11. Dubey, Pradeep & Neyman, Abraham, 1997. "An Equivalence Principle for Perfectly Competitive Economies," Journal of Economic Theory, Elsevier, vol. 75(2), pages 314-344, August.
    12. Diego Moreno & Benyamin Shitovitz & Ezra Einy, 1999. "The core of a class of non-atomic games which arise in economic applications," International Journal of Game Theory, Springer;Game Theory Society, vol. 28(1), pages 1-14.
    13. Mas-Colell, Andreu, 1977. "Competitive and value allocations of large exchange economies," Journal of Economic Theory, Elsevier, vol. 14(2), pages 419-438, April.
    14. Shapley, Lloyd S & Shubik, Martin, 1969. "Pure Competition, Coalitional Power, and Fair Division," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 10(3), pages 337-362, October.
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    Cited by:

    1. Einy, Ezra & Moreno, Diego & Shitovitz, Benyamin, 1999. "The bargaining set of a large economy with differential information," UC3M Working papers. Economics 6120, Universidad Carlos III de Madrid. Departamento de Economía.

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    Keywords

    Atomless exchange economies;

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