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The Strong Sequential Core in a Dynamic Exchange Economy

  • Arkadi Predtetchinski

    (University of Maastricht)

  • P. Jean-Jacques Herings

    (University of Maastricht)

  • Hans Peters

    (University of Maastricht)

Dynamic exchange economies with uncertainty are considered in which information is released over infinite time. The strong sequential core of such an economy consists of those consumption processes where no coalition of agents wishes to deviate at any moment for the rest of time. Comparable to the optimality principle in dynamic programming, necessary and sufficient conditions for non-emptiness of the strong sequential core in stationary economies are derived, based on non-emptiness of classical cores of certain static economies. The main result of the paper is an existence result for stationary economies based on the presence of a competitive equilibrium in an associated limit economy, given a high enough discount factor. Moreover, sufficient conditions are given under which the strong sequential core contains only time and history independent processes.

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Paper provided by EconWPA in its series Game Theory and Information with number 0205004.

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Length: 20 pages
Date of creation: 05 Feb 2002
Date of revision:
Handle: RePEc:wpa:wuwpga:0205004
Note: Type of Document - .ps; pages: 20
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