On the core and Walrasian expectations equilibrium in infinite dimensional commodity spaces

Bhowmik, Anuj and Cao, Jiling (2011): On the core and Walrasian expectations equilibrium in infinite dimensional commodity spaces.

Abstract

In this paper, we establish two different characterizations of Walrasian expectations allocations by the veto power of the grand coalition in an asymmetric information economy having finitely many agents and states of nature and whose commodity space is a Banach lattice. The first one deals with Aubin non-dominated allocations, and the other claims that an allocation is a Walrasian expectations allocation if and only if it is not privately dominated by the grand coalition, by considering perturbations of the original initial endowments in precise directions.

• Item Type: MPRA Paper
• Language: English
• Keywords: Asymmetric information economy; Aubin non-dominated allocation; Private core; Privately non-dominated allocation; Properness; Walrasian expectations allocation
• Subjects: D - Microeconomics > D1 - Household Behavior and Family Economics > D11 - Consumer Economics: Theory; D - Microeconomics > D8 - Information, Knowledge, and Uncertainty > D82 - Asymmetric and Private Information ; Mechanism Design; D - Microeconomics > D5 - General Equilibrium and Disequilibrium > D51 - Exchange and Production Economies

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