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Erschienen in:
2005 | OriginalPaper | Buchkapitel
Exchange economies with asymmetric information: competitive equilibrium and core
verfasst von : Stefan Maus
Erschienen in: Differential Information Economies
Verlag: Springer Berlin Heidelberg
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Areplica theorem is shown to hold for exchange economies with asymmetric information. In a replicated exchange economy with asymmetric information the set of all core elements with equal treatment is nonempty, but it is in general only a subset of the core. Nevertheless, the replica theorem and the presence of at least one core element with equal treatment suffice to show existence of a competitive quasi-equilibrium. Conditions on the initial endowments and the communication system are given to ensure that every competitive quasi-equilibrium is a competitive equilibrium.