Cooperative Solutions for Large Economies with Asymmetric Information

Claudia Meo

Metroeconomica, 2015, vol. 66, issue 1, 71-90

Abstract: A proof of the existence of private core allocations is provided for an exchange economy ε where consumers and commodities are both infinite in number, supposing however that only finitely many types can be distinguished among traders. It is obtained passing through the Edgeworth equilibrium notion considered for a suitably associated discrete setting. For this setting a preliminary result—which is interesting in itself—is proved: in every discrete economy E with asymmetric information and unequal numbers of traders with the same characteristics there is a private core allocation which treats agents of the same type equally.

Date: 2015
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