The Aubin private core of differential information economies

We establish characterizations of Radner equilibrium allocations via private core notions in the framework of differential information economies with a finite number of states of nature and a measure space of agents that may have atoms. The commodity space is an ordered separable Banach space whose...

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Bibliographic Details
Published in:Decisions in economics and finance 2005-06, Vol.28 (1), p.9-31
Main Authors: Graziano, Maria Gabriella, Meo, Claudia
Format: Article
Language:English
Subjects:
Banach spaces
Commodities
Consumption
Economic theory
Endowment
Equilibrium
Expected utility
Studies
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Summary:We establish characterizations of Radner equilibrium allocations via private core notions in the framework of differential information economies with a finite number of states of nature and a measure space of agents that may have atoms. The commodity space is an ordered separable Banach space whose positive cone admits an interior point. We introduce the notion of Aubin private core and prove that it provides a characterization of Radner equilibrium allocations. We show that the Aubin private core is equivalent to Edgeworth private equilibria and to privately non-dominated allocations of suitable associated economies. [PUBLICATION ABSTRACT]
ISSN:1593-8883
1129-6569
DOI:10.1007/s10203-005-0052-y