Carlos Hervés-Beloso

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their useful suggestions. We also thank an anonymous referee for his/her careful reading and useful suggestions. (Ministerio de Ciencia y Tecnología and FEDER) and SA070A05 (Junta de Castilla y León). 1 Abstract. We associate to any pure exchange economy a game with only two players, regardless of the number of consumers. In this two-player game, each(More)
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 P i-measurable plans of(More)
We consider a continuum economy with infinitely many commodities and show that, for any positive =, the core of the economy coincides with the set of allocations which are not blocked by any coalition with measure less than =. Actually, our main result is an extension of Grodal's (1972, Econometrica 40, 5811583) result and, therefore, Schmeidler's (1972,(More)
(Ministerio de Ciencia y Tecnología and FEDER), SA0870A08 (Junta de Castilla y León), and PGIDIT07PXIB300095PR (Xunta de Galicia). Abstract. We consider a pure exchange economy with a finite set of types of agents which have incomplete and asymmetric information on the states of nature. Our aim is to describe the equilibrium price formation and how the lack(More)
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