Economies with asymmetric information are encompassed by an extension of the model of general competitive equilibrium … anonymous markets are viable. But, for a generic economy, competitive equilibrium allocations are constrained suboptimal: there …

We prove the existence of an equilibrium in competitive markets with adverse selection in the sense of Miyazaki (1977 …

Riley (1979)'s reactive equilibrium concept addresses problems of equilibrium existence in competitive markets with … adverse selection. The game-theoretic interpretation of the reactive equilibrium concept in Engers and Fernandez (1987) yields … the Rothschild-Stiglitz (1976)/Riley (1979) allocation as an equilibrium allocation, however multiplicity of equilibrium …

information to allow for default. We show that, independently of the financial-informational structure, equilibrium exists. …

Equilibrium: In particular, we obtain that for a robust class of economies: (1) there is a continuum of prices that are consistent …

equilibrium with asymmetric information. This important result was obtained assuming that the individuals are expected utility …

capability to optimize; yet outcomes of markets populated by them converge near the equilibrium derived from optimization …

This paper analyzes two equivalent equilibrium motions under asymmetric information: risk neutral rational expectations … and Skiadas (1996) we show that equilibrium prices for the larger class of quasi-complete economies can be characterized …