A price mechanism in economies with asymmetric information
In this paper we consider a pure exchange economy with a finite set of types of agents which have incomplete and asymmetric information on the states of nature. Our aim is to describe the equilibrium price formation and how the lack of information may affect the allocation of resources. For it, we adapt to an asymmetric information scenario a variant of the Shapley-Shubik game introduced by Dubey and Geanakoplos (2003).
|Date of creation:||27 Apr 2009|
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- Dionysius Glycopantis & Allan Muir & Nicholas C. Yannelis, 2003. "On extensive form implementation of contracts in differential information economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 21(2), pages 495-526, 03.
- Dubey, Pradeep & Geanakoplos, John, 2003.
"From Nash to Walras via Shapley-Shubik,"
Journal of Mathematical Economics,
Elsevier, vol. 39(5-6), pages 391-400, July.
- P. Dubey & J. Geanakoplos, 2002. "From Nash to Walras via Shapley-Shubik," Department of Economics Working Papers 02-01, Stony Brook University, Department of Economics.
- Pradeep Dubey & John Geanakoplos, 2002. "From Nash to Walras via Shapley-Shubik," Cowles Foundation Discussion Papers 1360, Cowles Foundation for Research in Economics, Yale University.
- Yannelis, Nicholas C, 1991. "The Core of an Economy with Differential Information," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 1(2), pages 183-97, April.
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- Marta Faias & Emma Moreno-García, 2010. "Incomplete financial markets and differential information," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 43(2), pages 189-206, May.
- Herves-Beloso, Carlos & Moreno-Garcia, Emma & Yannelis, Nicholas C., 2005. "An equivalence theorem for a differential information economy," Journal of Mathematical Economics, Elsevier, vol. 41(7), pages 844-856, November.
- Schmeidler, David, 1980. "Walrasian Analysis via Strategic Outcome Functions," Econometrica, Econometric Society, vol. 48(7), pages 1585-93, November.
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