Market games with differential information and infinite dimensional commodity spaces: the core (*)

Frank Page

Economic Theory, 1996, vol. 9, issue 1, 159 pages

Abstract: We provide an alternative proof of the existence of core allocations in exchange economies with differential information and infinite dimensional commodity spaces. We also identify a critical feature of information sharing rules that ensures nonemptiness of the core. In essence, the only condition we require on the sharing rules is that profitable "insider trading" be prohibited. In the absence of insider trading, balancedness is guaranteed and core nonemptiness follows.

Date: 1996
Note: Received: August 21, 1994; revised version September 5, 1995
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