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EnglishAn exchange economy with asymmetrically informed agents is considered with an exogenous rule that regulates the information sharing among agents. In this context, the notion of stable sets `a la von Neumann and Morgenstern is analyzed. Two different frameworks are taken into account as regards preferences: a model without expectations and a model with expected utilities. For the former, it is shown that the set V of all individually rational, Pareto optimal, symmetric allocations is the unique stable set of symmetric allocations. For the latter, an example is presented which shows that the same set V is not externally stable and a weaker result is proved.
| Titolo: | Stable sets for asymmetric information economies | |
| Autori: | ||
| Data di pubblicazione: | 2015 | |
| Rivista: | ||
| Abstract: | An exchange economy with asymmetrically informed agents is considered with an exogenous rule tha...t regulates the information sharing among agents. In this context, the notion of stable sets `a la von Neumann and Morgenstern is analyzed. Two different frameworks are taken into account as regards preferences: a model without expectations and a model with expected utilities. For the former, it is shown that the set V of all individually rational, Pareto optimal, symmetric allocations is the unique stable set of symmetric allocations. For the latter, an example is presented which shows that the same set V is not externally stable and a weaker result is proved. | |
| Handle: | http://hdl.handle.net/11588/610428 | |
| Appare nelle tipologie: | 1.1 Articolo in rivista |
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