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Introduction to Sunspots and Lotteries Author info | Abstract | Publisher info | Download info | Related research | Statistics Prescott, Edward (U of Minnesota and Federal Reserve Bank of Minneapolis)
Shell, Karl (Cornell U)
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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 non-convexities 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.
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Paper provided by Cornell University, Center for Analytic Economics in its series Working Papers with number
02-08.
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Date of creation: Aug 2002Date of revision:
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Find related papers by JEL classification: D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
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Other versions:
Rod Garratt & Todd Keister, .
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University of California at Santa Barbara, Economics Working Paper Series
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[Downloadable!] Rod Garratt & Todd Keister, 1999.
"A Characterization of Robust Sunspot Equilibria ,"
University of California at Santa Barbara, Economics Working Paper Series
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[Downloadable!] Kehoe, Timothy J. & Levine, David K. & Prescott, Edward C., 2002.
"Lotteries, Sunspots, and Incentive Constraints ,"
Journal of Economic Theory ,
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Other versions: Manuelli, Rodolfo & Peck, James, 1992.
"Sunspot-like effects of random endowments ,"
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International Economic Review ,
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Garratt, Rod, 1995.
"Decentralizing Lottery Allocations in Markets with Indivisible Commodities ,"
Economic Theory ,
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Garratt, Rod & Keister, Todd & Qin, Cheng-Zhong & Shell, Karl, 2002.
"Equilibrium Prices When the Sunspot Variable Is Continuous ,"
Journal of Economic Theory ,
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[Downloadable!]
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Econometrica ,
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"A primer on moral-hazard models ,"
Economic Quarterly ,
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"Work schedules, wages, and employment in a general equilibrium model with team production ,"
Working Paper
9613, Federal Reserve Bank of Cleveland.
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"Collective Organizations versus Relative Performance Contracts: Inequality, Risk Sharing, and Moral Hazard ,"
Journal of Economic Theory ,
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Hansen, Gary D. & Sargent, Thomas J., 1988.
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"The 1990s in Japan: A Lost Decade ,"
Review of Economic Dynamics ,
Elsevier for the Society for Economic Dynamics, vol. 5(1), pages 206-235, January.
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