Journal article
Equilibrium theory with asymmetric information and with infinitely many commodities
Journal of economic theory, Vol.141(1), pp.152-183
07/01/2008
DOI: 10.1016/j.jet.2007.09.011
Abstract
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.
Details
- Title: Subtitle
- Equilibrium theory with asymmetric information and with infinitely many commodities
- Creators
- Konrad Podczeck - University of ViennaNicholas C. Yannelis - University of Illinois Urbana-Champaign
- Resource Type
- Journal article
- Publication Details
- Journal of economic theory, Vol.141(1), pp.152-183
- Publisher
- Elsevier
- DOI
- 10.1016/j.jet.2007.09.011
- ISSN
- 0022-0531
- eISSN
- 1095-7235
- Number of pages
- 32
- Language
- English
- Date published
- 07/01/2008
- Academic Unit
- Economics
- Record Identifier
- 9984380429602771
Metrics
4 Record Views