Existence and equivalence of competitive and core allocations in large exchange economies with differential information

Ezra Einy and Benyamin Shitovitz
Authors registered in the RePEc Author Service: Diego Moreno ()

UC3M Working papers. Economics from Universidad Carlos III de Madrid. Departamento de Economía

Abstract: We study the equivalence of the core and competitive allocations in exchange economies with a continuum of traders and differential information. We show that if the economy is "irreducible", then a competitive equilibrium (in the sense of Radner) exists. Moreover, the set of competitive equilibrium allocations coincides with the "private core". We also show that the "weak fine core" of an economy coincides with the set of competitive allocations of an associated symmetric information economy in which the traders information is the "joint information" of all the traders in the original economy.

Keywords: Atomless; exchange; economy; Differential; information; Radner-competitive; equilibrium; Private; core; Weak; fine; core (search for similar items in EconPapers)
Date: 1998-10
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Citations: View citations in EconPapers (4)

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Persistent link: https://EconPapers.repec.org/RePEc:cte:werepe:6078

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