The Veto Mechanism in Atomic Differential Information Economies

Marialaura Pesce

CSEF Working Papers from Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy

Abstract: We establish new characterizations of Walrasian expectations equilibria based on the veto mechanism in the framework of differential information economies with a finite number of states of nature and a measure space of agents that may have atoms. We show that it is enough to consider the veto power of a single coalition, consisting of the entire set of agents, to obtain the Aubin private core. Moreover, we investigate on the veto power of arbitrary small and big coalitions, providing an extension to mixed markets of the well known Schmeidler [20] and Vind’s [22] results in terms of Aubin private core allocations.

Date: 2013-05-06
New Economics Papers: this item is included in nep-cta and nep-mic
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Published in Journal of Mathematical Economics, 2014, vol. 53, pp. 33–45

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Journal Article: The veto mechanism in atomic differential information economies (2014)
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