Market games with differential information and infinite dimensional commodity spaces: the core
We provide an alternative proof of the existence of core allocations in exchange economies with differential information and infinite dimensional commodity spaces. We also identify a critical feature of information sharing rules that ensures nonemptiness of the core. In essence, the only condition we require on the sharing rules is that profitable “insider trading” be prohibited. In the absence of insider trading, balancedness is guaranteed and core nonemptiness follows.
KeywordsBanach Lattice Grand Coalition Inside Trading Coalition Member Market Game
Unable to display preview. Download preview PDF.
- Aliprantis, C.D., Brown, D., Burkinshaw, O.: Existence and optimality of competitive equilibria. New York: Springer 1990Google Scholar
- Allen, B.: Market games with asymmetric information and nontransferable utility: representation results and the core. Working Paper #91-09, CARESS, University of Pennsylvania 1991Google Scholar
- Allen, B.: Market games with asymmetric information: the private information core. Working Paper #92-04, CARESS, University of Pennsylvania 1992Google Scholar
- Diaz, S.: Weak compactness in L1(μ, x). Working Paper, Departamento de Matematica Aplicada II, Universidad de Sevilla 1994Google Scholar
- Diestel, J., Uhl, J.J. Jr.: Vector measures. Mathematical Surveys 15, American Mathematical Society, Providence, Rhode Island 1977Google Scholar
- Munkres, J.R.: Topology: a first course. Englewood Cliffs, N.J.: Prentice-Hall 1975Google Scholar