Competitive and core allocations in large economies with differential information

We study the core and competitive allocations in exchange economies with a continuum of traders and differential information. We show that if the econ omy is "irreducible", then a competitive equilibrium, in the sense of Radne r (1968, 1982), exists. Moreover, the set of competitive equilibrium alloca tions coincides with the "private core" (Yannelis, 1991). We also show that the "weak fine core" of an economy coincides with the set of competitive a llocations of an associated symmetric information economy in which the trad ers information is the joint information of all the traders in the original economy.