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- Title
Competitive and core allocations in large economies with differential information.
- Authors
Einy, Ezra; Moreno, Diego; Shitovitz, Benyamin
- Abstract
Summary. We study the core and competitive allocations in exchange economies with a continuum of traders and differential information. We show that if the economy is "irreducible", then a competitive equilibrium, in the sense of Radner (1968, 1982), exists. Moreover, the set of competitive equilibrium allocations coincides with the "private core" (Yannelis, 1991). We also show that the "weak fine core" of an economy coincides with the set of competitive allocations of an associated symmetric information economy in which the traders information is the joint information of all the traders in the original economy.
- Subjects
ECONOMICS; ECONOMIC equilibrium; COMPETITION
- Publication
Economic Theory, 2001, Vol 18, Issue 2, p321
- ISSN
0938-2259
- Publication type
Article
- DOI
10.1007/PL00004186