Equilibrium theory with asymmetric information and with infinitely many commodities

• 成果类型: Article
• 署名作者: Podczeck, Konrad; Yannelis, Nicholas C.
• 署名单位: University of Illinois System; University of Illinois Urbana-Champaign; University of Vienna
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2007.09.011
• 发表日期: 2008
• 页码: 152-183
• 关键词: Asymmetric information; coalitional incentive compatibility; general equilibrium; EXISTENCE; infinite dimensional commodity space

摘要

The traditional deterministic general equilibrium theory with infinitely many commodities cannot cover economics with private information constraints on the consumption sets. We bring the level of asymmetric information equilibrium theory at par with that of the deterministic one. In particular, we establish results on equilibrium existence for exchange economies with asymmetric (differential) information and with an infinite dimensional commodity space. Our new equilibrium existence theorems include, as a special case, classical results, e.g. Bewley [Existence of equilibria in economies with infinitely many commodities, J. Econ. Theory 4 (1972) 514-540] or Mas-Colell [The price equilibrium existence problem in topological vector lattices, Econometrica 54 (1986) 1039-1053]. (C) 2007 Elsevier Inc. All rights reserved.