A note on the equilibrium theory of economies with asymmetric information
نویسنده
چکیده
In this note, we give an equilibrium existence theorem for exchange economies with asymmetric information and with an infinite dimensional commodity space. In our model, we assume that preferences are represented by well behaved utility functions, the positive cone has a non empty interior and the individual rational utility set is compact. Our result complements the corresponding one in Podczeck and Yannelis (2008), in the sense that is applicable to commodity spaces in which the order intervals are (possibly) not compact with respect to any Hausdorff linear topology. © 2014 Elsevier B.V. All rights reserved.
منابع مشابه
Equilibrium theory with asymmetric information and with infinitely many commodities
The traditional deterministic general equilibrium theory with infinitely many commodities cannot cover economies with private information constraints on the consumption sets. We bring the level of asymmetric information equilibrium theory at least at par with that of the deterministic. In particular, we establish results on equilibrium existence for exchange economies with asymmetric (different...
متن کاملModelling and Experimental Testing of Asymmetric Information Problems in Lease and Hire Contracts (Based on Contract Theory)
This article aims to study lease and hiring contract in the Iranian-Islamic setting and analyze the asymmetric information problem in these contracts. For doing this, we study the characteristics of lease and hiring contracts in Iran (real world experimental characteristics that recognized in other studies), using library method, then we mathematically model different aspects of asymmetric info...
متن کاملThe Effect of Asymmetric Information in the Money Market on Investment, Employment, and Production in Iran
Nowadays, banks are considered as one of the major components of the financial system of a country and any deficits and malfunction in the banking system will negatively affect the performance of the real sector. Therefore, there is a need for more investigation on the behavior of banks and factors affecting those behaviors in a country. One of the issues that affect the behavior of banks is sy...
متن کاملA game Theoretic Approach to Pricing, Advertising and Collection Decisions adjustment in a closed-loop supply chain
This paper considers advertising, collection and pricing decisions simultaneously for a closed-loop supplychain(CLSC) with one manufacturer(he) and two retailers(she). A multiplicatively separable new demand function is proposed which influenced by pricing and advertising. In this paper, three well-known scenarios in the game theory including the Nash, Stackelberg and Cooperative games are expl...
متن کاملOn the Failure of Core Convergence in Economies with Asymmetric Information
In interim economies with asymmetric information, we show that the coarse core of Wilson (1978) does not converge to price equilibrium allocations as the economy is replicated. This failure of core convergence is a basic consequence of asymmetric information and extends to any reasonable notion of either (interim) core or price equilibrium. JEL Classification: C71, D51
متن کامل