Lotteries, sunspots, and incentive constraints.
We study a prototypical class of exchange economies with private information and indivisibilities. We establish an equivalence between lottery equilibria and sunspot equilibria and show that the welfare and existence theorems hold. To establish these results, we introduce the concept of the stand-in...
| Publicado en: | Journal of Economic Theory Vol. 107; no. 1; pp. 39 - 70 |
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| Autores principales: | , , |
| Formato: | Artículo |
| Publicado: |
Academic Press Inc.
November 2002
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| Materias: | |
| Acceso en línea: | Ver este registro en EBSCOhost |