Core equivalence in economy under awareness
Volume 71 / 2006
Banach Center Publications 71 (2006), 227-235
MSC: Primary 91B50, 91B60;
Secondary 03B45.
DOI: 10.4064/bc71-0-18
Abstract
The extended notion of pure exchange economy under uncertainty, called an economy with awareness structure, is presented, where each trader having strictly monotone preferences makes decision under his/her awareness and belief. We show an extension of the core equivalence theorem: The ex-post core coincides with the set of all generalized expectations equilibria in awareness for the economy.
