Common knowledge of rationality and market clearing in economies with asymmetric information

Abstract

Consider an exchange economy with asymmetric information. What is the set of outcomes that are consistent with common knowledge of rationality and market clearing? To address this question we de…ne an epistemic model for the economy that provides a complete description not only of the beliefs of each agent on the relationship between states of nature and… (More)
DOI: 10.1016/j.jet.2011.10.015

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