Characterization and incentive compatibility of Walrasian expectations equilibrium in infinite dimensional commodity spaces
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Publication:2486958
In this paper two different characterizations of Radner equilibria (= Walrasian expectations equilibria) in differential information economies are proved. The point is, that these results hold in infinite dimensional commodity spaces (more exactly, in the space of all bounded sequences). The first result deals with allocations not privately dominated (blocked) by the grand coalition, the second result uses an extension of Aubin's so-called fuzzy veto mechanism in order to define blocking of allocations. Finally the Bayesian incentive compatibility of the Radner equilibria is analyzed.
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- A market game approach to differential information economies
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- Bayesian-Walrasian equilibria: Beyond the rational expectations equilibrium
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- Large economies with differential information and without free disposal
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- Manipulation-proof equilibrium in atomless economies with commodity differentiation
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- A new characterization of the efficiency of equilibrium with incomplete markets
- Competitive equilibria and the grand coalition
- Theorems on the core of an economy with infinitely many commodities and consumers
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