New conditions for the existence of Radner equilibrium with infinitely many states |
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Institution: | 1. Université de Franche-Comté, CRESE, 30 Avenue de l’Observatoire, 25009 Besançon, France;2. Université de Saint-Etienne, CNRS UMR 5824 GATE Lyon Saint-Etienne, France |
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Abstract: | In atomless differential information economies, equilibria are known not to exist prevalently even when agents are risk averse expected utility maximizers. The notion of prevalence involves essentially picking an economy at random. In this paper, however, we establish existence results with economically meaningful assumptions on the information structure. We obtain existence when agents have independent information, and also when the total endowment of the economy is common knowledge. |
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Keywords: | Differential information Asymmetric information Independent information Common knowledge No-trade theorems Competitive equilibrium |
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