General Equilibrium Model with Information Asymmetry and Commodity-Information Technologies

Ken Urai (), Akihiko Yoshimachi and Kohei Shiozawa ()
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Ken Urai: Graduate School of Economics, Osaka University
Akihiko Yoshimachi: Department of Commerce, Doshisha University
Kohei Shiozawa: Graduate School of Economics, Osaka University

No 14-02, Discussion Papers in Economics and Business from Osaka University, Graduate School of Economics

Abstract: In this paper, we investigate a new concept of a market's commodity-information structure (a partition of the set of real goods that are treated as one commodity for market exchanges) and technologies relat- ing to it, commodity-information technologies. Using this concept, we can always affirmatively answer the market viability problem, concerning the existence of general equilibrium even when information asymmetry among agents such as adverse selection prevails in the economy. Some Pareto-optimality problems and policy implications are also discussed.

Keywords: General Equilibrium Model; Asymmetric Information; Adverse Selection; Market Via- bility Problem; Commodity-information Structure (search for similar items in EconPapers)
JEL-codes: C62 D51 D82 (search for similar items in EconPapers)
Pages: 12 pages
Date: 2014-01
New Economics Papers: this item is included in nep-cta and nep-mic
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