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On the core of an economy with differential information

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URI: https://hdl.handle.net/10016/4394
ISSN: 0022-0531
DOI: 10.1006/jeth.2000.2673
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OnTheCore_JET_2000_ps.PDF (493.85 KB)
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2000
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Elsevier
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Abstract
We show that the fine core of an atomless exchange economy with differential information is a subset of the ex-post core of the economy. (This inclusion may be proper, and it does not hold for economies with a finite number of traders.) Consequently, every fine core allocation is a selection from the equilibrium corre- spondence of the associated family of full information economies. Moreover, when each trader knows his or her own utility function and his of her own endowment, every fine core allocation is a rational expectations equilibrium allocation
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Differential information, fine core, ex-post core, rational expectations equilibrium
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Journal of Economic Theory. 2000, vol. 94, nº 2, p. 262-270
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