Affordable Access

Publisher Website

Aggregate preferred correspondence and the existence of a maximin REE

Authors
Journal
Journal of Mathematical Analysis and Applications
0022-247X
Publisher
Elsevier
Volume
414
Issue
1
Identifiers
DOI: 10.1016/j.jmaa.2013.12.046
Keywords
  • Aggregate Correspondence
  • Budget Correspondence
  • Differential Information
  • Hausdorff Continuous
  • Lower Measurable
  • Maximin Rational Expectations Allocation
  • Walrasian Equilibrium
Disciplines
  • Economics

Abstract

Abstract 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 finite measure space, and the commodity space is the Euclidean space. Under some appropriate and standard assumptions on agentsʼ characteristics, results on continuity and measurability of the aggregate preferred correspondence similar to that of Aumann [8] are established. These results together with other techniques are then employed to prove the existence of a maximin rational expectations equilibrium (maximin REE) of the economic model.

There are no comments yet on this publication. Be the first to share your thoughts.