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Corpus ID: 118278503

Aggregate Preferred Correspondence and the Existence of a MREE

@article{Bhowmik2012AggregatePC,
title={Aggregate Preferred Correspondence and the Existence of a MREE},
author={Anuj Bhowmik and Jiling Cao and Nicholas C. Yannelis},
journal={arXiv: Functional Analysis},
year={2012}
}

In this paper, a general model of a pure exchange differential information economy is studied. In this economic model, the space of states of nature is a complete probability measure space, the space of agents is a measure space with a finite measure, and the commodity space is the Euclidean space. Under appropriate and standard assumptions on agents' characteristics, results on continuity and measurability of the aggregate preferred correspondence in the sense of Aumann in [4] are established… Expand

In an economy with private information, we introduce the notion of objects of choice as lists of bundles out of which the market selects one for delivery. This leads to an extension of the model of… Expand

Abstract : It is well known, and easy to establish, that there exist markets that do not have competitive equilibria, provided the traders do not have convex preferences--that is, that the set of… Expand

Conditions which imply the existence of strict rational expectations equilibria for "most" static pure exchange economies where prices convey information about the state of the world are analyzed.… Expand

Summary.We point out several conceptual difficulties of the rational expectations equilibrium concept. In particular we show that such an equilibrium need not be incentive compatible and need not be… Expand

This chapter relates the notions of mutations with the concept of graphical derivatives of set-valued maps and more generally links the above results of morphological analysis with some basic facts… Expand