Ex-post core, fine core and rational expectations equilibrium allocations

DOI10.1016/J.JMATECO.2017.12.001MaRDI QIDQ684176zbMATH OpenOpenAlexFDO

Authors Anuj Bhowmik, Jiling Cao

Publication date 9 February 2018

Published in Journal of Mathematical Economics (Search for Journal in Brave)

Full work available at URL https://arxiv.org/abs/1703.08807

zbMATH Keywords

asymmetric informationAumann's coreex-post corefine corepure exchange mixed economyrational expectations equilibriumWalras equivalence theorem

Mathematics Subject Classification ID

General equilibrium theory (91B50) Special types of economic markets (including Cournot, Bertrand) (91B54)

Abstract: This paper investigates the ex-post core and its relationships to the fine core and the set of rational expectations equilibrium allocations in an oligopolistic economy with asymmetric information, in which the set of agents consists of some large agents and a continuum of small agents and the space of states of nature is a general probability space. We show that under appropriate assumptions, the ex-post core is not empty and contains the set of rational expectations equilibrium allocations. We provide an example of a pure exchange continuum economy with asymmetric information and infinitely many states of nature, in which the ex-post core does not coincide with the set of rational expectations equilibrium allocations. We also show that when our economic model contains either no large agents or at least two large agents with the same characteristics, the fine core is contained in the ex-post core.

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Cited in

(1)

• Some new characterization of rational expectation equilibria in economies with asymmetric information

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