Core equivalence in economy for modal logic

  • Authors:

  • Takashi Matsuhisa

  • Affiliations:

  • Department of Liberal Arts and Sciences, Ibaraki National College of Technology, Hitachinaka-shi, Ibaraki, Japan

  • Venue:
  • ICCS'03 Proceedings of the 2003 international conference on Computational science: PartII
  • Year:
  • 2003

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Abstract

We investigate a pure exchange economy under uncertainty with emphasis on the logical point of view; the traders are assumed to have a multi-modal logic with non-partitional information structures.We propose a generalized notion of rational expectations equilibrium for the economy and we show the core equivalence theorem: The ex-post core for the economy coincides with the set of all its rational expectations equilibria.