General equilibrium in economies with uncertain delivery

Joao Correia-da-Silva and Carlos Hervés-Beloso

Economic Theory, 2012, vol. 51, issue 3, 729-755

Abstract: We consider a general equilibrium model of trade ex ante with differential information in which agents choose plans of state-contingent lists of bundles. Being unable to verify that the state of nature is s and not t, an agent has to accept the delivery of any bundle in the list for delivery in state s or in the list for delivery in state t. Under the assumption that each state of nature can be verified by at least one agent, we establish existence of equilibrium and we show that the equilibrium allocation satisfies a notion of coalitional incentive compatibility. Copyright Springer-Verlag 2012

Keywords: General equilibrium; Differential information; Verifiability; Uncertain delivery; Lists of bundles; Rational behavior; C62; D51; D82 (search for similar items in EconPapers)
Date: 2012
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Citations: View citations in EconPapers (17)

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DOI: 10.1007/s00199-011-0647-1

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