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We consider a pure exchange economy with a finite set of types of agents which have incomplete and asymmetric information
on the states of nature. Our aim was to describe the equilibrium price formation and analyze how the lack of information may
affect the allocation of resources. To do so, we adapt to an asymmetric information scenario a variant of the Shapley–Shubik
game introduced by Dubey and Geanakoplos (J Math Econ 39:391–400, 2003 ). 相似文献
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Marta Faias Emma Moreno‐García Gareth D. Myles 《Journal of Public Economic Theory》2020,22(2):285-301
Bergstrom, Blume, and Varian provided a neutrality result for the private provision of public goods that has inspired a considerable literature. The result has significant implications for income redistribution and broader policy interventions. This paper reviews the basic result and its applications, and discusses extensions to general private provision economies. 相似文献
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In this paper, we analyze the indeterminacy of equilibria in financial markets and propose a selection mechanism. We suggest that there is one equilibrium that prevails over the others, as a result of the market power of the agents that some states of nature become monopolists of certain commodities. Given a financial assets model, we define a price game and show the existence of mixed strategies equilibria. Then we purify these equilibria by considering a price game with incomplete information. 相似文献
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Marta Faias 《Decisions in Economics and Finance》2008,31(2):117-136
The paper studies a two-stage economy where consumers choose first the asset structure and then use it in a standard general
equilibrium framework to transfer wealth across time and states of nature. The financial structure is chosen by maximizing
indirect utility functions, using continuous random selections from the second-stage equilibrium correspondence. We depart
from Bisin (J Econ Theory 82:19–45, 1998) where an endogenous beliefs approach was used and the asset creation was left to
financial intermediaries. Moreover, our approach allows us to go beyond a mixed strategies result as we obtain an approximate
equilibrium in pure strategies for the economy with incomplete information about future endowments. 相似文献
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Annals of Finance - Studying the dynamics of deposits is important for three reasons: first, it serves as an important component of liquidity stress testing; second, it is crucial to... 相似文献
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JEL classification: D41, D51
Received: 24 December 1999 / Accepted: 18 October 2001 相似文献
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We provide a model of an incomplete markets economy where private restrictions on consumption are interpreted as lack of information.
We prove existence of an equilibrium where agents are unable to infer any additional information from prices. When assets
are nominal, these non-enlightening equilibrium prices result in a reduction of the degree of real indeterminacy. 相似文献
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