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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 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)

In a pure exchange economy with differential information and a finite set of traders, physical commodities and states of nature, we characterize the Walrasian expectations or Radner equilibria by using the veto power of the grand coalition. We prove that an allocation x is a Radner equilibrium allocation if and only if it is " privately non-dominated " by… (More)

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