Equilibrium prices when the sunspot variable is continuous.

We analyze sunspot-equilibrium prices in nonconvex economies with perfect markets and a continuous sunspot variable. Our primary result is that every sunspot equilibrium allocation can be supported by prices that, when adjusted for probabilities, are constant across states. This result extends to th...

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Detalles Bibliográficos

Publicado en:	Journal of Economic Theory Vol. 107; no. 1; pp. 11 - 39
Autores principales:	Garratt, Rod, Keister, Todd, Qin, Cheng-Zhong
Formato:	Artículo
Publicado:	Academic Press Inc. November 2002
Materias:	Prices > Mathematical models Sunspots (Economics) Convex functions Economics Resource allocation > Mathematical models
Acceso en línea:	Ver este registro en EBSCOhost