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General Equilibrium Model for an Asymmetric Information Economy

Author

Listed:
  • Ken Urai

    () (Graduate School of Economics, Osaka University)

  • Akihiko Yoshimachi

    (Department of Commerce, Doshisha University)

  • Kohei Shiozawa

    () (Graduate School of Economics, Osaka University)

Abstract

This paper fs main purpose is to introduce a new concept of the market fs commodity-information structure (a partition of the set of real goods that are treated as one commodity for market ex- changes) on which we base our ordinary static general equilibrium arguments and settings to analyze asymmetric information problems. We concentrate on the market viability problem that is concerned with describing such situations as adverse selection under informational asymmetry among agents as an equilibrium in general equilibrium frameworks. The market equilibrium-existence conditions, non-equilibrium-existence examples, and Pareto-optimal equilibrium-properties are studied.

Suggested Citation

  • Ken Urai & Akihiko Yoshimachi & Kohei Shiozawa, 2013. "General Equilibrium Model for an Asymmetric Information Economy," Discussion Papers in Economics and Business 13-27, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).
  • Handle: RePEc:osk:wpaper:1327
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    References listed on IDEAS

    as
    1. Pradeep Dubey & John Geanakoplos & Martin Shubik, 2005. "Default and Punishment in General Equilibrium," Econometrica, Econometric Society, vol. 73(1), pages 1-37, January.
    2. Bisin, Alberto & Gottardi, Piero, 1999. "Competitive Equilibria with Asymmetric Information," Journal of Economic Theory, Elsevier, vol. 87(1), pages 1-48, July.
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    Cited by:

    1. Ken Urai & Akihiko Yoshimachi & Kohei Shiozawa, 2014. "General Equilibrium Model with Information Asymmetry and Commodity-Information Technologies," Discussion Papers in Economics and Business 14-02, Osaka University, Graduate School of Economics and Osaka School of International Public Policy (OSIPP).

    More about this item

    Keywords

    General Equilibrium Model; Asymmetric Information; Adverse Selection; Market Un- raveling; Market Viability Problem;

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design

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