We compare the family of rational expectation equilibria with the ex-post Aubin core allocations in the framework of economies with uncertainty and asymmetric information. We obtain this result in a very general setting: an arbitrary space of agents and an infinite dimensional commodity space. We also present a characterization of the ex-post Aubin core by allocations belonging to the core of the associated complete information economies, and we use a suitable definition of Edgeworth equilibria to characterize the family of rational expectation equilibria. Moreover, we study some generalizations of the ex-post Aubin core obtained by making some restriction on the families of blocking coalitions.
Some new characterization of rational expectation equilibria in economies with asymmetric information / DE SIMONE, Anna; Tarantino, Ciro. - In: DECISIONS IN ECONOMICS AND FINANCE. - ISSN 1593-8883. - STAMPA. - 33:1(2010), pp. 7-21. [10.1007/s10203-009-0094-7]
Some new characterization of rational expectation equilibria in economies with asymmetric information
DE SIMONE, ANNA;TARANTINO, CIRO
2010
Abstract
We compare the family of rational expectation equilibria with the ex-post Aubin core allocations in the framework of economies with uncertainty and asymmetric information. We obtain this result in a very general setting: an arbitrary space of agents and an infinite dimensional commodity space. We also present a characterization of the ex-post Aubin core by allocations belonging to the core of the associated complete information economies, and we use a suitable definition of Edgeworth equilibria to characterize the family of rational expectation equilibria. Moreover, we study some generalizations of the ex-post Aubin core obtained by making some restriction on the families of blocking coalitions.File | Dimensione | Formato | |
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