English, Article, Journal or magazine article edition: General equilibrium with private state verification João Correia-da-Silva; Carlos Hervés-Beloso

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Bookmark: http://trove.nla.gov.au/version/182272
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • General equilibrium with private state verification
Author
  • João Correia-da-Silva
  • Carlos Hervés-Beloso
Physical Description
  • preprint
Notes
  • We study general equilibrium with private and incomplete state verification. Trade is agreed ex ante, that is, before private information is received. It is useful to define a list of bundles as a derivative good that gives an agent the right to receive one of the bundles in the list. Enforceable trade agreements can be described by Pi-measurable plans of lists of bundles, instead of Pi-measurable plans of bundles as in Radner (1968). In equilibrium, the price of a list coincides with the price of the cheapest bundle in the list, and it is always the cheapest bundle of the list that is delivered. This property leads to a system of linear inequalities which are deliverability constraints on the choice set. We investigate existence of equilibrium in the case in which preferences are Pi-measurable. If there is a perfectly informed trader in the economy, existence of equilibrium is guaranteed.
  • General equilibrium, Differential information, Verifiability, Uncertain delivery, Lists of bundles, Rational expectations
  • RePEc:por:fepwps:269
Language
  • English
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