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Correlated Equilibrium and Sunspot Equilibrium

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  • Forges, Francoise
  • Peck, James

Abstract

We show by an example that the sunspot equilibria of a competitive economy are not equivalent to the correlated equilibria if sunspots generate transfers between (extrinsic) state of nature (through a contingent commodities market). Nevertheless, we prove that the sunspot equilibrium allocations of a standard overlapping generations economy coincide with the (strategic form) correlated equilibrium allocations of a natural market game mimicking the economy.

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Bibliographic Info

Article provided by Springer in its journal Economic Theory.

Volume (Year): 5 (1995)
Issue (Month): 1 (January)
Pages: 33-50

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Handle: RePEc:spr:joecth:v:5:y:1995:i:1:p:33-50

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Web page: http://link.springer.de/link/service/journals/00199/index.htm

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