Exchange economies with asymmetric information: competitive equilibrium and core

Stefan Maus ()

Economic Theory, 2004, vol. 24, issue 2, 395-418

Abstract: A replica theorem is shown to hold for exchange economies with asymmetric information. In a replicated exchange economy with asymmetric information the set of all core elements with equal treatment is nonempty, but it is in general only a subset of the core. Nevertheless, the replica theorem and the presence of at least one core element with equal treatment suffice to show existence of a competitive quasi-equilibrium. Conditions on the initial endowments and the communication system are given to ensure that every competitive quasi-equilibrium is a competitive equilibrium. Copyright Springer-Verlag Berlin/Heidelberg 2004

Keywords: Core; Competitive (quasi-)equilibrium; Equal treatment; Exchange economy with asymmetric information; Replica theorem. (search for similar items in EconPapers)
Date: 2004
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DOI: 10.1007/s00199-003-0416-x

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