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Underemployment of resources and self-fulfilling beliefs: Nonwalrasian allocations at walrasian prices

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Alessandro Citanna
Herve Cres
Antonio Villanacci

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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 the

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Paper provided by Carnegie Mellon University, Tepper School of Business in its series GSIA Working Papers with number 11.

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Handle: RePEc:cmu:gsiawp:11

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  1. van der Laan, Gerard, 1980. "Equilibrium under Rigid Prices with Compensation for the consumers," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 21(1), pages 63-73, February. [Downloadable!] (restricted)
  2. Herings, P.J.J. & Dreze, J.H., 1998. "Continua of underemployment equilibria," Discussion Paper 5, Tilburg University, Center for Economic Research. [Downloadable!]
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  3. Herings, P Jean-Jacques, 1996. "Equilibrium Existence Results for Economies with Price Rigidities," Economic Theory, Springer, vol. 7(1), pages 63-80, January.
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  4. Kurz, Mordecai, 1982. "Unemployment equilibrium in an economy with linked prices," Journal of Economic Theory, Elsevier, vol. 26(1), pages 100-123, February. [Downloadable!] (restricted)
  5. Laan, Gerard van der, 1982. "Simplicial approximation of unemployment equilibria," Journal of Mathematical Economics, Elsevier, vol. 9(1-2), pages 83-97, January. [Downloadable!] (restricted)
  6. Hahn, Frank, 1978. "On Non-Walrasian Equilibria," Review of Economic Studies, Blackwell Publishing, vol. 45(1), pages 1-17, February. [Downloadable!] (restricted)
  7. Laroque, Guy, 1978. "The Fixed Price Equilibria: Some Results in Local Comparative Statics," Econometrica, Econometric Society, vol. 46(5), pages 1127-54, September. [Downloadable!] (restricted)
  8. Polterovich, V. M. & Spivak, V. A., 1983. "Gross substitutability of point-to-set correspondences," Journal of Mathematical Economics, Elsevier, vol. 11(2), pages 117-140, April. [Downloadable!] (restricted)
  9. Drazen, Allan, 1980. "Recent Developments in Macroeconomic Disequilibrium Theory," Econometrica, Econometric Society, vol. 48(2), pages 283-306, March. [Downloadable!] (restricted)
  10. Cooper, Russell & John, Andrew, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, MIT Press, vol. 103(3), pages 441-63, August. [Downloadable!] (restricted)
  11. Bryant, John, 1983. "A Simple Rational Expectations Keynes-Type Model," The Quarterly Journal of Economics, MIT Press, vol. 98(3), pages 525-28, August. [Downloadable!] (restricted)
  12. Movshovich, Solomon M., 1994. "A price adjustment process in a rationed economy," Journal of Mathematical Economics, Elsevier, vol. 23(4), pages 305-321, July. [Downloadable!] (restricted)
  13. Herings, P. Jean-Jacques, 1998. "On the existence of a continuum of constrained equilibria1," Journal of Mathematical Economics, Elsevier, vol. 30(3), pages 257-273, October. [Downloadable!] (restricted)
  14. Roberts, John, 1987. "An Equilibrium Model with Involuntary Unemployment at Flexible, Competitive Prices and Wages," American Economic Review, American Economic Association, vol. 77(5), pages 856-74, December. [Downloadable!] (restricted)
  15. Dehez, Pierre & Dreze, Jacques H., 1984. "On supply-constrained equilibria," Journal of Economic Theory, Elsevier, vol. 33(1), pages 172-182, June. [Downloadable!] (restricted)
  16. Dreze, Jacques H, 1975. "Existence of an Exchange Equilibrium under Price Rigidities," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 301-20, June. [Downloadable!] (restricted)
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  1. Sander van der Hoog, 2004. "Credit and Cash-in-Advance in Disequilibrium Models," Computing in Economics and Finance 2004 294, Society for Computational Economics. [Downloadable!]
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