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- Title
Balancedness and the core in economies with asymmetric information.
- Authors
Maus, Stefan
- Abstract
A condition is given that is equivalent to balancedness of all NTU-games derived from an exchange economy with asymmetric information when endowments are variable. The condition is applicable to the ex-ante model with expected utilities, but also to the more general model of Arrow-Radner type economies without subjective probabilities. Differences in the interpretation of measurability assumptions between these two models are discussed, and another model with information consistent utility functions is developed in which the result would also hold.
- Subjects
ECONOMICS; ECONOMIC models; UTILITY theory
- Publication
Economic Theory, 2003, Vol 22, Issue 3, p613
- ISSN
0938-2259
- Publication type
Article
- DOI
10.1007/s00199-002-0343-2