In this paper we consider a pure exchange economy with a finite set of types of agents which have incomplete and asymmetric information on the states of nature. Our aim is to describe the equilibrium price formation and how the lack of information may affect the allocation of resources. For it,...

We consider consumers with the same reservation price, who desire to buy at most one unit of a good. Firms compete only in prices but there are other features firms cannot control that would eventually lead an agent to buy in one firm or another. We introduce such uncertainty in a model of a...

Bergstrom, Blume and Varian (1986) provides an elegant game-theoretic model of an economy with one private good and one public good. Strategies of players consist of voluntary contributions of the private good to public good production. Without relying on first order conditions, the authors...

We analyze bargaining mechanisms for allocating resources in atomless econo- mies. We provide results proving that it is not necessary to consider the forma- tion of all coalitions in order to obtain the bargaining sets. This is shown under restrictions of different nature, triggering different...

We define a bargaining set for finite economies using Aubin’s veto mechanism and show its coincidence with the set of Walrasian allocations. Then, we rewrite our notion in terms of replicated economies showing that, in contrast with Anderson, Trockel and Zhou’s (1997) non-convergence result,...

We give a notion of bargaining set for finite economies and show its coincidence with the set of Walrasian allocations. Moreover, we also show that justified objections equate with Walrasian objections. Our bargaining-Walras equivalence provides a discrete approach to the characterization of...

We introduce a new notion of bargaining set for finite economies and show a convergence result.

We address economies with asymmetric information where agents are not perfectly aware about the informational structure for coalitions. Thus, we introduce solutions that we refer to as risky core and ambiguous core. We provide existence results and a variety of properties of these cooperative...