Equilibrium theory with asymmetric information and inﬁnitely many states
Monteiro, Paulo K.; Martins-da-Rocha, Victor-Filipe; Hervés-Beloso, Carlos (2009), Equilibrium theory with asymmetric information and inﬁnitely many states, Economic Theory, 38, 2, p. 295-320. http://dx.doi.org/10.1007/s00199-008-0359-3
TypeArticle accepté pour publication ou publié
Journal nameEconomic Theory
MetadataShow full item record
Abstract (EN)Radner (1968) proved existence of a competitive equilibrium for differential information economies with ﬁnitely many states. We extend this result to economies with inﬁnitely many states of nature. Each agent observes a public and a private signal. The publicly observed signal may take inﬁnitely many values but, in order to get existence, we assume that private signals only take ﬁnitely many values. Actually, there is no hope to get a general existence result since Podczeck, Tourky and Yannelis (2008) already proposed non-existence results.
Subjects / KeywordsCompetitive Equilibrium; Properness; Assymetric Information; Continuum of States
Showing items related by title and author.
Tourky, Rabee; Martins-da-Rocha, Victor-Filipe; Florenzano, Monique; Aliprantis, Charalambos (2004) Article accepté pour publication ou publié