Underemployment of resources and self-fulfilling beliefs: Nonwalrasian allocations at walrasian prices
Abstract
In a model of exchange with price-taking individuals, the existence of a continuum of nontrivial underemployment equilibria with walrasian prices is proved for a generic set of economies. The likelihood of the occurrence of these equilibria is higher theDownload Info
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Paper provided by Carnegie Mellon University, Tepper School of Business in its series GSIA Working Papers with number 11.Length:
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Handle: RePEc:cmu:gsiawp:11
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Postal: Tepper School of Business, Carnegie Mellon University, 5000 Forbes Avenue, Pittsburgh, PA 15213-3890
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Related research
Keywords:Other versions of this item:
- Citanna,Alessandro & Cres,Herve & Dreze,Jacques & Herings,P. Jean-Jacques & Villanacci,Antonio, 2001. "Underemployment of Resources and Self-fulfilling Beliefs: Non-Walrasian Allocations at Walrasian Prices," Research Memoranda 003, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization.
- NEP-ALL-2000-09-05 (All new papers)
- NEP-IND-2000-09-05 (Industrial Organization)
- NEP-LAB-2000-09-05 (Labour Economics)
References
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Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.Cited by:
- Sander van der Hoog, 2004. "Credit and Cash-in-Advance in Disequilibrium Models," Computing in Economics and Finance 2004 294, Society for Computational Economics.
- Hoog S. van der, 2005. "On the Micro-Dynamics of a Cash-in-Advance Economy (revised version of WP 04-12)," CeNDEF Working Papers 05-04, Universiteit van Amsterdam, Center for Nonlinear Dynamics in Economics and Finance.
- Herings,P. Jean-Jacques, 2001. "Coordinating Thoughts on Coordination Failures," Research Memoranda 018, Maastricht : METEOR, Maastricht Research School of Economics of Technology and Organization.
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