A note on the equilibrium theory of economies with asymmetric information |
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| Affiliation: | 1. Department of Economics and Management, University of Pisa, Italy;2. CNRS, CMAP - Ecole Polytechnique, France;1. Aix-Marseille School of Economics, Université Aix-Marseille, France. Senior member, Institut Universitaire de France;2. EPEE, Université d’Evry-Val-d’Essonne (TEPP, FR-CNRS 3126), Département d’Economie, Evry, France;3. Dipartimento di Scienze Economiche ed Aziendali, Università LUISS - Guido Carli Rome, Italy |
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| Abstract: | In this note, we give an equilibrium existence theorem for exchange economies with asymmetric information and with an infinite dimensional commodity space. In our model, we assume that preferences are represented by well behaved utility functions, the positive cone has a non empty interior and the individual rational utility set is compact. Our result complements the corresponding one in Podczeck and Yannelis (2008), in the sense that is applicable to commodity spaces in which the order intervals are (possibly) not compact with respect to any Hausdorff linear topology. |
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| Keywords: | Asymmetric information General equilibrium theory Infinite dimensional commodity spaces Individually rational utility set |
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