Existence and generic efficiency of equilibrium in two-period economies with private state-verification

Joao Correia-da-Silva and Carlos Hervés-Beloso

FEP Working Papers from Universidade do Porto, Faculdade de Economia do Porto

Abstract: Private state-verification is introduced in a two-period economy with spot markets in both periods and complete futures markets for contingent delivery in the second period. Existence of equilibrium is established, under standard assumptions. The equilibrium allocation is shown to be generically efficient if the number of states is not greater than the number of goods.

Keywords: General equilibrium; Differential information; Private state-verification; Two-period economies; Existence of equilibrium; Generic efficiency (search for similar items in EconPapers)
JEL-codes: C62 C72 D51 D82 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2012-01
New Economics Papers: this item is included in nep-cta and nep-dge
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Persistent link: https://EconPapers.repec.org/RePEc:por:fepwps:443

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