Market Participation and Sunspot Equilibria
AbstractThe 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 InfoPaper 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.
Length: 51 pages
Date of creation: 1988
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Other versions of this item:
- Yves Balasko & David Cass & Karl Shell, 1990. "Market Participation and Sunspot Equilibria," Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva 90.03, Institut d'Economie et Econométrie, Université de Genève.
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- Balasko, Yves, 2012. "On the stability of nonsunspot equilibria," Journal of Economic Theory, Elsevier, vol. 147(2), pages 526-544.
- Balasko, Yves, 1997.
"Equilibrium analysis of the infinite horizon model with smooth discounted utility functions,"
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- Yves Balasko, 1995. "Equilibrium Analysis of the Infinite Horizon Model with Smooth Discounted Utility Functions," Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva 95.04, Institut d'Economie et Econométrie, Université de Genève.
- 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.
- Bhattacharya, Joydeep & Guzman, Mark G. & Shell, Karl, 1998. "Price Level Volatility: A Simple Model of Money Taxes and Sunspots," Journal of Economic Theory, Elsevier, vol. 81(2), pages 401-430, August.
- de Clippel, Geoffroy, 2007.
"The type-agent core for exchange economies with asymmetric information,"
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- Geoffroy de Clippel, 2004. "The Type-Agent Core for Exchange Economies with Asymmetric Information," Working Papers 2004-18, Brown University, Department of Economics.
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- Aditya Goenka & Stefano Matta, 2008. "Manipulation of endowments and sunspot equilibria," Economic Theory, Springer, vol. 36(2), pages 267-282, August.
- 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.
- 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.
- Fernando Alvarez & Andrew Atkeson & Patrick J. Kehoe, 2000.
"Money, Interest Rates, and Exchange Rates with Endogenously Segmented Asset Markets,"
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7871, National Bureau of Economic Research, Inc.
- Fernando Alvarez & Andrew Atkeson & Patrick J. Kehoe, 2000. "Money, interest rates, and exchange rates with endogenously segmented asset markets," Working Papers 605, Federal Reserve Bank of Minneapolis.
- Aditya Goenka, 2004. "Non-Fungibility and Mental Accounting: A Model of Bounded Rationality with Sunspot," Econometric Society 2004 Australasian Meetings 234, Econometric Society.
- Balasko, Yves & Geanakoplos, John, 2012. "Introduction to general equilibrium," Journal of Economic Theory, Elsevier, vol. 147(2), pages 400-406.
- Helios Herrera, 2001. "Participation Externalities and Asset Price Volatility," Levine's Working Paper Archive 625018000000000242, David K. Levine.
- 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.
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