A characterization of robust sunspot equilibria.
In nonconvex environments, a sunspot equilibrium can sometimes be destroyed by the introduction of new extrinsic information. We provide a simple test for determining whether or not a particular equilibrium survives, or is robust to, all possible refinements of the state space. We use this test to p...
| Publicado en: | Journal of Economic Theory Vol. 107; no. 1; pp. 136 - 145 |
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| Autores principales: | , |
| Formato: | Artículo |
| Publicado: |
Academic Press Inc.
November 2002
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=513156778&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 513156778 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00220531 RTH jtl: Journal of Economic Theory issn: 00220531 maglogo: N pubinfo: dt: November 2002 vid: 107 iid: 1 pid: 735 pub: Academic Press Inc. artinfo: ui: 513156778 10.1006/jeth.2001.2798 ppf: 136 ppct: 9 formats: tig: atl: A characterization of robust sunspot equilibria. aug: au: Garratt, Rod Keister, Todd su: Sunspots (Economics) Resource allocation -- Mathematical models Convex functions Economics sug: subj: Sunspots (Economics) Resource allocation -- Mathematical models Convex functions Economics keyword: Convex preferences (Economics) ab: In nonconvex environments, a sunspot equilibrium can sometimes be destroyed by the introduction of new extrinsic information. We provide a simple test for determining whether or not a particular equilibrium survives, or is robust to, all possible refinements of the state space. We use this test to provide a characterization of the set of robust sunspot-equilibrium allocations of a given economy; it is equivalent to the set of equilibrium allocations of the associated lottery economy. Journal of Economic Literature Classification Numbers: D51, D84, E32.|Sc 2002 Elsevier Science (USA) pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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