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Coalitional Extreme Desirability in Finitely Additive Economies with Asymmetric Information

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  • Bhowmik, Anuj
  • Centrone, Francesca
  • Martellotti, Anna

Abstract

We prove a coalitional core-Walras equivalence theorem for an asymmetric information exchange economy with a finitely additive measure space of agents, finitely many states of nature, and an infinite dimensional commodity space having the Radon-Nikodym property and whose positive cone has possibly empty interior. The result is based on a new cone condition, firstly developed in Centrone and Martellotti (2015), called coalitional extreme desirability. As a consequence, we also derive a new individualistic core-Walras equivalence result.

Suggested Citation

  • Bhowmik, Anuj & Centrone, Francesca & Martellotti, Anna, 2016. "Coalitional Extreme Desirability in Finitely Additive Economies with Asymmetric Information," MPRA Paper 71084, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:71084
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    File URL: https://mpra.ub.uni-muenchen.de/71084/1/MPRA_paper_71084.pdf
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    References listed on IDEAS

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    1. Forges, Francoise & Minelli, Enrico & Vohra, Rajiv, 2002. "Incentives and the core of an exchange economy: a survey," Journal of Mathematical Economics, Elsevier, vol. 38(1-2), pages 1-41, September.
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    4. Evren, Özgür & Hüsseinov, Farhad, 2008. "Theorems on the core of an economy with infinitely many commodities and consumers," Journal of Mathematical Economics, Elsevier, vol. 44(11), pages 1180-1196, December.
    5. Armstrong, Thomas E. & Richter, Marcel K., 1984. "The core-walras equivalence," Journal of Economic Theory, Elsevier, vol. 33(1), pages 116-151, June.
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    7. 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.
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    12. Bhowmik, Anuj & Cao, Jiling, 2012. "Blocking efficiency in an economy with asymmetric information," Journal of Mathematical Economics, Elsevier, vol. 48(6), pages 396-403.
    13. Bhowmik, Anuj & Cao, Jiling, 2013. "Robust efficiency in mixed economies with asymmetric information," Journal of Mathematical Economics, Elsevier, vol. 49(1), pages 49-57.
    14. Bhowmik, Anuj, 2013. "Edgeworth equilibria: separable and non-separable commodity spaces," MPRA Paper 46796, University Library of Munich, Germany.
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    More about this item

    Keywords

    Asymmetric information; Coalitional economies; Core-Walras equivalence; Extremely desirable commodity; Finitely additive measure; Walrasian expectation equilibria; Private core; Radon-Nikodym property.;

    JEL classification:

    • 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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