Bhowmik, Anuj (2022): ON THE CORE OF AN ECONOMY WITH ARBITRARY CONSUMPTION SETS AND ASYMMETRIC INFORMATION.

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Abstract
This paper analyses the properties of (strong) core allocations in a twoperiod asymmetric information economy that also involves both negligible and nonnegligible agents as well as an infinite dimensional commodity space. Within this setup, we allow the consumption set of each agent to be an arbitrary subset of the commodity space that may not have any lower bound. Our first result deals with the robustness of the core and the strong core allocations with respect to the restrictions imposed on the size of the blocking coalitions in an economy with only nonnegligible agents. The second result is a generalization of the first result to an economy that allows the simultaneous presence of negligible as well as nonnegligible agents with the consideration of Aubin coalitions. Finally, we show that (strong) core allocations are coalitional fair in the sense that no coalition of negligible agents could redistribute among its members the net trade of any other coalition containing all nonnegligible agents in a way that could assign a preferred bundle to each of its members, and vice versa.
Item Type:  MPRA Paper 

Original Title:  ON THE CORE OF AN ECONOMY WITH ARBITRARY CONSUMPTION SETS AND ASYMMETRIC INFORMATION 
English Title:  ON THE CORE OF AN ECONOMY WITH ARBITRARY CONSUMPTION SETS AND ASYMMETRIC INFORMATION 
Language:  English 
Keywords:  Mixed Economy; Core; Vind's theorem; Coalitionally fair allocations. 
Subjects:  D  Microeconomics > D5  General Equilibrium and Disequilibrium > D50  General D  Microeconomics > D5  General Equilibrium and Disequilibrium > D51  Exchange and Production Economies D  Microeconomics > D8  Information, Knowledge, and Uncertainty D  Microeconomics > D8  Information, Knowledge, and Uncertainty > D82  Asymmetric and Private Information ; Mechanism Design 
Item ID:  115795 
Depositing User:  Dr. Anuj Bhowmik 
Date Deposited:  27 Dec 2022 14:19 
Last Modified:  27 Dec 2022 14:19 
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URI:  https://mpra.ub.unimuenchen.de/id/eprint/115795 