Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
4616174 | Journal of Mathematical Analysis and Applications | 2014 | 17 Pages |
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 agents' 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.
Related Topics
Physical Sciences and Engineering
Mathematics
Analysis
Authors
Anuj Bhowmik, Jiling Cao, Nicholas C. Yannelis,