https://hal-univ-pau.archives-ouvertes.fr/hal-02945462Boisdeffre, LionelLionelBoisdeffreCATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'AdourExistence of financial equilibrium with differential information: the no-arbitrage characterizationHAL CCSD2015general equilibriumasymmetric informationarbitrageexistence[SHS.ECO] Humanities and Social Sciences/Economics and Finance[QFIN] Quantitative Finance [q-fin]PERRIN BONRAISIN, Anne2020-09-22 12:19:412022-02-15 03:41:252020-09-22 14:26:56enPreprints, Working Papers, ...application/pdf1In Cornet-De Boisde¤re (J Math Econ 38: 393-410, 2002), we had extended the classical equilibrium and arbitrage concepts of symmetric information to an asymmetric information model dropping Radner's (Econometrica 47: 655-678, 1979) rational expectations' assumption. In Cornet-De Boisdeffre (Econ Theory 38: 287-293, 2009), we showed how agents could infer enough information, in this model, to preclude arbitrage from financial markets. In De Boisdeffre (Econ Theory 31: 255-269, 2007), we extended to that model Cass' (CARESS WP 84-09, 1984) classical existence theorem for nominal assets, by showing the existence of equilibrium was characterized by a general no-arbitrage condition. We now display the same characteristic property for numeraire assets and, thus, extend Geanakoplos-Polemarchakis' (Essays in Honnor of K.J. Arrow, Starr & Starrett ed., Cambridge UP Vol. 3, 65-96, 1986) classical theorem to the asymmetric information setting. Contrasting withRadner's, these results show that symmetric and asymmetric information economies can be embedded into a common model, where they share similar properties.