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Market Participation and Sunspot Equilibria
| Content Provider | Scilit |
|---|---|
| Author | Balasko, Yves Cass, David Shell, Karl |
| Copyright Year | 1995 |
| Description | We investigate the structure of competitive equilibria in an exchange economy parametrized by (i) endowments and (ii) restrictions on market participation. For arbitrary regular endowments, if few consumers are restricted, there are no sunspot equilibria. If endowments are allowed to vary, while restrictions on market participation are fixed, there is a generic set of preferences such that sunspot equilibria exist for a non-empty subset of endowments. Our analysis extends to the general case of an arbitrary number of restricted consumers the results of Cass and Shell for the polar cases in which either (i) no consumers are restricted or (ii) all consumers are restricted. |
| Related Links | http://doc.rero.ch/record/304747/files/62-3-491.pdf |
| Ending Page | 512 |
| Page Count | 22 |
| Starting Page | 491 |
| ISSN | 00346527 |
| e-ISSN | 1467937X |
| DOI | 10.2307/2298039 |
| Journal | The Review of Economic Studies |
| Issue Number | 3 |
| Volume Number | 62 |
| Language | English |
| Publisher | Duke University Press |
| Publisher Date | 1995-07-01 |
| Access Restriction | Open |
| Subject Keyword | Economics Market Participation Sunspot Equilibria Competitive Equilibria Endowments Polar Exchange Economy |
| Content Type | Text |
| Resource Type | Article |
| Subject | Economics and Econometrics |
