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Exchange economies with asymmetric information: competitive equilibrium and core

In: Differential Information Economies

Author

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  • Stefan Maus

    (University of Maastricht)

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.

Suggested Citation

  • Stefan Maus, 2005. "Exchange economies with asymmetric information: competitive equilibrium and core," Studies in Economic Theory, in: Dionysius Glycopantis & Nicholas C. Yannelis (ed.), Differential Information Economies, pages 203-226, Springer.
    • Handle: RePEc:spr:steccp:978-3-540-26979-3_12
    DOI: 10.1007/3-540-26979-7_12
    as

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