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Market Participation and Sunspot Equilibria

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Author Info
Balasko, Yves
Cass, David
Shell, Karl

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Abstract

The authors investigate the structure of competitive equilibria in an exchange economy parametrized by endowments and 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 such that sunspot equilibria exist for a nonempty subset of endowments. The authors' analysis extends to the general case of an arbitrary number of restricted consumers the results of D. Cass and K. Shell (1983) for the polar cases in which either no consumers are restricted or all consumers are restricted. Copyright 1995 by The Review of Economic Studies Limited.

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Article provided by Blackwell Publishing in its journal Review of Economic Studies.

Volume (Year): 62 (1995)
Issue (Month): 3 (July)
Pages: 491-512
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Handle: RePEc:bla:restud:v:62:y:1995:i:3:p:491-512

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  1. Edouard Challe, 2005. "Endogenous Participation Rick in Speculative Markets," Money Macro and Finance (MMF) Research Group Conference 2005 90, Money Macro and Finance Research Group. [Downloadable!]
  2. Aditya Goenka & Stefano Matta, 2008. "Manipulation of endowments and sunspot equilibria," Economic Theory, Springer, vol. 36(2), pages 267-282, August. [Downloadable!] (restricted)
  3. Geoffroy de Clippel, 2004. "The Type-Agent Core for Exchange Economies with Asymmetric Information," Working Papers 2004-18, Brown University, Department of Economics. [Downloadable!]
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  4. repec:att:wimass:19199822 is not listed on IDEAS
  5. Fernando Alvarez & Andrew Atkeson & Patrick J. Kehoe, 2000. "Money, interest rates, and exchange rates with endogenously segmented asset markets," Working Papers 605, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
  6. Christian Ghiglino & Mich Tvede, . ""Multiplicity of Equilibria''," CARESS Working Papres 96-01, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences. [Downloadable!]
    Other versions:
  7. Aditya Goenka, 2004. "Non-Fungibility and Mental Accounting: A Model of Bounded Rationality with Sunspot," Econometric Society 2004 Australasian Meetings 234, Econometric Society. [Downloadable!]
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