We develop a model of general equilibrium with trade ex ante in a context of private and incomplete state verification. Instead of choosing bundles, agents choose lists of bundles out of which the market then selects one bundle for delivery. With agents having subjective expectations about the...

This paper provides a new characterization of competitive equilibrium allocations based on the veto mechanism. The main theorem shows that, in pure exchange economies with a continuum of non-atomic agents, the competitive equilibria can be characterized by strengthening the veto power of the...

We characterize the core and the competitive allocations of a continuum economy as strong Nash equilibria of an associated game with only two players.