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 90.03.
Length: 27 pages
Date of creation: 1990
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competition ; economic equilibrium ; market ; consumption;
Other versions of this item:
- Yves Balasko & David Cass & Karl Shell, 1988. "Market Participation and Sunspot Equilibria," Research Papers by the Institute of Economics and Econometrics, Geneva School of Economics and Management, University of Geneva 88.03, Institut d'Economie et Econométrie, Université de Genève.
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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.
- Aditya Goenka, 2004. "Non-Fungibility and Mental Accounting: A Model of Bounded Rationality with Sunspot," Econometric Society 2004 Australasian Meetings 234, Econometric Society.
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- 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.
- Balasko, Yves & Geanakoplos, John, 2012. "Introduction to general equilibrium," Journal of Economic Theory, Elsevier, vol. 147(2), pages 400-406.
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- Geoffroy de Clippel, 2004.
"The Type-Agent Core for Exchange Economies with Asymmetric Information,"
2004-18, Brown University, Department of Economics.
- 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.
- 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.
- Balasko, Yves, 2012. "On the stability of nonsunspot equilibria," Journal of Economic Theory, Elsevier, vol. 147(2), pages 526-544.
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