TY - JOUR
T1 - New conditions for the existence of Radner equilibrium with infinitely many states
AU - Klishchuk, Bogdan
N1 - Publisher Copyright:
© 2015 Elsevier B.V.
PY - 2015/12/1
Y1 - 2015/12/1
N2 - 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.
AB - 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.
KW - Asymmetric information
KW - Common knowledge
KW - Competitive equilibrium
KW - Differential information
KW - Independent information
KW - No-trade theorems
UR - http://www.scopus.com/inward/record.url?scp=84948772225&partnerID=8YFLogxK
U2 - 10.1016/j.jmateco.2015.08.003
DO - 10.1016/j.jmateco.2015.08.003
M3 - Article
SN - 0304-4068
VL - 61
SP - 67
EP - 73
JO - Journal of Mathematical Economics
JF - Journal of Mathematical Economics
ER -