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Paradoxes of Perfect Foresight in General Equilibrium Theory

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Author Info
Johnson, Joseph

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Abstract

Intertemporal General Equilibrium Theory cannot be used to settle the Capital Controversy. The device of using dated commodities to avoid dynamic analysis excludes, artificially, strategic behaviour. The auctioneer plays an unsuspectedly stronger role in the dynamic economy than in the static economy, if capital goods are present.

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File URL: http://mpra.ub.uni-muenchen.de/85/
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 85.

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Date of creation: 04 Oct 2006
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Handle: RePEc:pra:mprapa:85

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Related research
Keywords: General Equilibrium perfect foresight foresight Capital Controversy Cambridge Controversy

Find related papers by JEL classification:
D5 - Microeconomics - - General Equilibrium and Disequilibrium

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References listed on IDEAS
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  1. Shapley, Lloyd S. & Shubik, Martin, 1969. "On market games," Journal of Economic Theory, Elsevier, vol. 1(1), pages 9-25, June. [Downloadable!] (restricted)
  2. Hurwicz, Leonid, 1979. "On allocations attainable through Nash equilibria," Journal of Economic Theory, Elsevier, vol. 21(1), pages 140-165, August. [Downloadable!] (restricted)
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