Coarse Competitive Equilibrium and Extreme Prices
A behavioral competitive equilibrium restricts households ability to tailor their consumption to the state of the economy. Compared to standard competitive equilibrium, a behavioral competitive equilibrium yields more consumption risk and extreme price volatility when the realized output is near its maximum or minimum.
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- Milo Bianchi & Philippe Jehiel, 2012.
"Financial reporting and market e¢ ciency with extrapolative investors,"
Levine's Working Paper Archive
786969000000000451, David K. Levine.
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