Consider an exchange economy with a finite number of agents, who are arbitragers, in that they try to upset allocations imagining plausible beneficial trades. Their thought process is interactive, in that agents are conscious that the others are also going through the same steps. With this...

We propose two generalizations of the Davis and Maschler (1965) reduced game property to economies with asymmetric information and apply them in the characterization of two solution concepts. One is Wilson's (1978) Coarse Core and the other is a subsolution of it which we call the Coarse+ Core.