NDLI: The Review of Economic Studies Limited Market Participation and Sunspot Equilibria

Content Provider	Semantic Scholar
Author	Balasko, Yves
Copyright Year	1988
Abstract	We investigate the structure of competitive quilibria 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 uch 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.
File Format	PDF HTM / HTML
Alternate Webpage(s)	http://karlshell.com/wp-content/uploads/2015/03/Market_participation_and_SE.pdf
Alternate Webpage(s)	http://www.karlshell.com/pdfs/2009/Market_participation_and_SE.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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