Core and equilibria in coalitional asymmetric information economies

Achille Basile (), Chiara Donnini and Maria Graziano

Journal of Mathematical Economics, 2009, vol. 45, issue 3-4, 293-307

Abstract: We study coalitional economies under uncertainty and asymmetric information, assuming a finitely additive measure space of agents and finitely many possible states of nature. We introduce a suitable core notion showing that it is equivalent to Walrasian expectations equilibria. The finitely additive approach proposed in the paper permits also asymmetric information economy with countably many agents, rather than requiring only a continuum. Moreover, it allows us to overcome well-known criticisms related to the interpretation of individual private core notions.

Keywords: Asymmetric; information; economies; Finitely; additive; measure; space; Private; core; Walrasian; expectations; equilibria (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:45:y:2009:i:3-4:p:293-307

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