EconPapers    
Economics at your fingertips  
 

Information, ambiguity and price equilibrium

R. R. Routledge ()
Additional contact information
R. R. Routledge: University of Liverpool

Economic Theory Bulletin, 2017, vol. 5, issue 2, No 8, 199-214

Abstract: Abstract This work analyzes a price choice game with discontinuous payoffs in which sellers may have asymmetric information about the state of the market. The prices which sellers post in the market must be measurable with respect to their private information and sellers are assumed to have ex ante maximin expected utilities. Easily verified conditions upon the primitives which guarantee the existence of a pure strategy price equilibrium in the game, under both equal sharing and winner-takes-all sharing at price ties, are presented. The existence proofs are direct and constructive.

Keywords: Asymmetric information; Discontinuous payoffs; Ambiguity; Maximin utilities; Price equilibrium; Ex ante payoffs (search for similar items in EconPapers)
JEL-codes: C71 C73 (search for similar items in EconPapers)
Date: 2017
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
http://link.springer.com/10.1007/s40505-017-0114-7 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:etbull:v:5:y:2017:i:2:d:10.1007_s40505-017-0114-7

Ordering information: This journal article can be ordered from
http://www.springer.com/economics/journal/40505

DOI: 10.1007/s40505-017-0114-7

Access Statistics for this article

Economic Theory Bulletin is currently edited by Nicholas C. Yannelis

More articles in Economic Theory Bulletin from Springer, Society for the Advancement of Economic Theory (SAET) Contact information at EDIRC.
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().

 
Page updated 2025-03-20
Handle: RePEc:spr:etbull:v:5:y:2017:i:2:d:10.1007_s40505-017-0114-7