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Market Participation and Sunspot Equilibria

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Author Info

  • Yves Balasko
  • David Cass
  • Karl Shell

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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Bibliographic Info

Paper provided by Institut d'Economie et Econométrie, Université de Genève in its series Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva with number 88.03.

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Length: 51 pages
Date of creation: 1988
Date of revision:
Handle: RePEc:gen:geneem:88.03

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Keywords: market ; models ; trade;

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Cited by:
  1. Christian Ghiglino & Mich Tvede, . "Multiplicity of Equilibria," Penn CARESS Working Papers 50405ce7ef76383c40f86868c, Penn Economics Department.
  2. Helios Herrera, 2001. "Participation Externalities and Asset Price Volatility," Levine's Working Paper Archive 625018000000000242, David K. Levine.
  3. Deneckere,R. & Peck,J., 1998. "Demand uncertainty, endogenous timing and costly waiting : jumping the gun in competitive markets," Working papers 22, Wisconsin Madison - Social Systems.
  4. de Clippel, Geoffroy, 2007. "The type-agent core for exchange economies with asymmetric information," Journal of Economic Theory, Elsevier, vol. 135(1), pages 144-158, July.
  5. Yves Balasko, 1995. "Equilibrium Analysis of the Infinite Horizon Model with Smooth Discounted Utility Functions," Research Papers by the Department of Economics, University of Geneva 95.04, Département des Sciences Économiques, Université de Genève.
  6. Balasko, Yves, 2012. "On the stability of nonsunspot equilibria," Journal of Economic Theory, Elsevier, vol. 147(2), pages 526-544.
  7. Fernando Alvarez & Andrew Atkeson & Patrick J. Kehoe, 2000. "Money, Interest Rates, and Exchange Rates with Endogenously Segmented Asset Markets," NBER Working Papers 7871, National Bureau of Economic Research, Inc.
  8. 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.
  9. Bhattacharya, Joydeep & Guzman, Mark G. & Shell, Karl, 2009. "Price Level Volatility: A Simple Model of Money Taxes and Sunspots," Staff General Research Papers 5167, Iowa State University, Department of Economics.
  10. Balasko, Yves, 1997. "Pareto optima, welfare weights, and smooth equilibrium analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 21(2-3), pages 473-503.
  11. Aditya Goenka, 2004. "Non-Fungibility and Mental Accounting: A Model of Bounded Rationality with Sunspot," Econometric Society 2004 Australasian Meetings 234, Econometric Society.
  12. Aditya Goenka & Stefano Matta, 2008. "Manipulation of endowments and sunspot equilibria," Economic Theory, Springer, vol. 36(2), pages 267-282, August.
  13. Balasko, Yves & Geanakoplos, John, 2012. "Introduction to general equilibrium," Journal of Economic Theory, Elsevier, vol. 147(2), pages 400-406.

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