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A General Nonemptiness Result of the Core of a Production Economy with Asymmetric Information

Author

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  • Lefebvre, I.

Abstract

The core of an economy consists of those attainable allocations of the economy which no group of agents (coalition) can "improve upon". This paper presents a concept of core of a production economy with a finite number of agents with asymmetric information, a continuum of states and an infinite number of commodities. It then states and proves a nonemptiness result of the core of this economy. The proof is based on a (quasi) fixed point theorem.

Suggested Citation

  • Lefebvre, I., 1999. "A General Nonemptiness Result of the Core of a Production Economy with Asymmetric Information," Papiers d'Economie Mathématique et Applications 1999.61, Université Panthéon-Sorbonne (Paris 1).
    • Handle: RePEc:fth:pariem:1999.61
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    More about this item

    Keywords

    INFORMATION ; PRODUCTION ; COALITION;
    All these keywords.

    JEL classification:

    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • C71 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Cooperative Games

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