Infinite dimensional mixed economies with asymmetric information
Bhowmik, A; Cao, J
Abstract
In this paper, we study asymmetric information economies consisting of both non-negligible and negligible agents and having ordered Banach spaces as their commodity spaces. In answering a question of Hervés-Beloso and Moreno-García in [17], we establish a characterization of Walrasian expectations allocations by the veto power of the grand coalition. It is also shown that when an economy contains only negligible agents a Vind's type theorem on the private core with the exact feasibility can be restored. This solves a problem of Pesce in [20].