Infinite dimensional mixed economies with asymmetric information

Date
2011-12-28
Authors
Bhowmik, A
Cao, J
Supervisor
Item type
Commissioned Report
Degree name
Journal Title
Journal ISSN
Volume Title
Publisher
Munich Personal RePEc Archive (MPRA), Munich University
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].

Description
Keywords
Asymmetric information , Exactly feasible , Ex-post core , Mixed economy , NY-fine core , NY-private core , Robustly efficient allocation , NY-strong fine core , RW-fine core , Walrasian expectations allocation
Source
Online at http://mpra.ub.uni-muenchen.de/35618/MPRA Paper No. 35618, posted 28. December 2011 / 23:48
DOI
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