Introduction to sunspots and lotteries.
This introduces the symposium on sunspots and lotteries. Two stochastic general-equilibrium concepts, sunspot equilibrium (SE) and lottery equilibrium (LE), are compared. It is shown that, for some general, pure-exchange economies which allow for consumption nonconvexities or moral hazards, the set...
| Publicado en: | Journal of Economic Theory Vol. 107; no. 1; pp. 1 - 11 |
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| Autores principales: | , |
| Formato: | Symposium |
| Publicado: |
Academic Press Inc.
November 2002
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| Materias: | |
| 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=513156852&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 513156852 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: 513156852 10.1006/jeth.2002.2946 ppf: 1 ppct: 10 formats: tig: atl: Introduction to sunspots and lotteries. aug: au: Prescott, Edward C. Shell, Karl su: Sunspots (Economics) Resource allocation -- Mathematical models sug: subj: Sunspots (Economics) Resource allocation -- Mathematical models ab: This introduces the symposium on sunspots and lotteries. Two stochastic general-equilibrium concepts, sunspot equilibrium (SE) and lottery equilibrium (LE), are compared. It is shown that, for some general, pure-exchange economies which allow for consumption nonconvexities or moral hazards, the set of LE allocations is equivalent to the set of SE allocations provided that the randomizing device can generate events of any probability. Journal of Economic Literature Classification Numbers: D51, D82, D84, E32. |Sc 2002 Elsevier Science (USA) pubtype: Academic Journal doctype: Symposium src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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