Competitive and core allocations in large economies with differential information
Diego Moreno () and
Economic Theory, 2001, vol. 18, issue 2, 321-332
We study 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 (1968, 1982), exists. Moreover, the set of competitive equilibrium allocations coincides with the "private core" (Yannelis, 1991). 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: General equilibrium in large economies with differential information; Private core; Weak fine core. (search for similar items in EconPapers)
JEL-codes: D50 D82 (search for similar items in EconPapers)
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