Exchange economies with asymmetric information: competitive equilibrium and core

Stefan Maus ()
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Stefan Maus: University of Maastricht

A chapter in Differential Information Economies, 2005, pp 203-226 from Springer

Abstract: Summary Areplica 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.

Keywords: Core; Competitive (quasi-)equilibrium; Equal treatment; Exchange economy with asymmetric information; Replica theorem (search for similar items in EconPapers)
Date: 2005
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Persistent link: https://EconPapers.repec.org/RePEc:spr:steccp:978-3-540-26979-3_12

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DOI: 10.1007/3-540-26979-7_12

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