 Ex-post core, fine core and rational expectations equilibrium allocationsJournal of Mathematical Economics, 2018, vol. 74, issue C, 128-138 Abstract: This paper investigates the (weak) ex-post core and its relationships to the fine core and the set of rational expectations equilibrium allocations in an oligopolistic economy with asymmetric information, in which the set of agents consists of some large agents and a continuum of small agents and the space of states of nature is a general probability space. We show that under appropriate assumptions, the (weak) ex-post core is not empty and contains the set of rational expectations equilibrium allocations. We provide an example of a pure exchange continuum economy with asymmetric information and infinitely many states of nature, in which the ex-post core does not coincide with the set of rational expectations equilibrium allocations. We also show that when our economic model contains either no large agents or at least two large agents with the same characteristics, the fine core is contained in the ex-post core. Keywords: Asymmetric information; Aumann’s Core–Walras Equivalence Theorem; Ex-post core; Fine core; Pure exchange mixed economy; Rational expectations equilibrium (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:eee:mateco:v:74:y:2018:i:c:p:128-138 DOI: 10.1016/j.jmateco.2017.12.001 Access Statistics for this article Journal of Mathematical Economics is currently edited by Atsushi (A.) Kajii More articles in Journal of Mathematical Economics from Elsevier |
Is your work missing from RePEc? Here is how to contribute.
Questions or problems? Check the EconPapers FAQ or send mail to .
EconPapers is hosted by the
School of Business at Örebro University.