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On the core and Walrasian expectations equilibrium in infinite dimensional commodity spaces

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  • Bhowmik, Anuj
  • Cao, Jiling

Abstract

In this paper, we establish two different characterizations of Walrasian expectations allocations by the veto power of the grand coalition in an asymmetric information economy having finitely many agents and states of nature and whose commodity space is a Banach lattice. The first one deals with Aubin non-dominated allocations, and the other claims that an allocation is a Walrasian expectations allocation if and only if it is not privately dominated by the grand coalition, by considering perturbations of the original initial endowments in precise directions.

Suggested Citation

  • Bhowmik, Anuj & Cao, Jiling, 2011. "On the core and Walrasian expectations equilibrium in infinite dimensional commodity spaces," MPRA Paper 35060, University Library of Munich, Germany, revised 28 Nov 2011.
  • Handle: RePEc:pra:mprapa:35060
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    References listed on IDEAS

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    Citations

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    Cited by:

    1. Carlos Hervés-Beloso & Claudia Meo & Emma Moreno-García, 2014. "Information and size of coalitions," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 55(3), pages 545-563, April.
    2. Wei He & Nicholas C. Yannelis, 2013. "A New Perspective on Rational Expectations," The School of Economics Discussion Paper Series 1317, Economics, The University of Manchester.
    3. He, Wei & Yannelis, Nicholas C., 2015. "Equilibrium theory under ambiguity," Journal of Mathematical Economics, Elsevier, vol. 61(C), pages 86-95.
    4. Anuj Bhowmik, 2015. "Core and coalitional fairness: the case of information sharing rules," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 60(3), pages 461-494, November.
    5. Wei He & Nicholas C. Yannelis, 2013. "Equilibrium Theory under Ambiguity," The School of Economics Discussion Paper Series 1307, Economics, The University of Manchester.
    6. Bhowmik, Anuj & Graziano, Maria Gabriella, 2015. "On Vind’s theorem for an economy with atoms and infinitely many commodities," Journal of Mathematical Economics, Elsevier, vol. 56(C), pages 26-36.
    7. Maria Gabriella Graziano & Maria Romaniello, 2016. "Stable sets of allocations and the provision of public goods," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 62(1), pages 15-42, June.
    8. Pesce, Marialaura, 2014. "The veto mechanism in atomic differential information economies," Journal of Mathematical Economics, Elsevier, vol. 53(C), pages 33-45.

    More about this item

    Keywords

    Asymmetric information economy; Aubin non-dominated allocation; Private core; Privately non-dominated allocation; Properness; Walrasian expectations allocation;

    JEL classification:

    • D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies

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