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Classical competitive analysis of economies with Islands

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  • Prescott, Edward C.
  • Rios-Rull, Jose-Victor

Abstract

Arrow-Debreu competitive equilibrium analysis is extended to environments with information sets differing in space as well as in time and with people moving between locations. Equilibrium is shown to exist and to be optimal, and the equilibrium price system is characterized. Such environments include many of those studies in the sectoral reallocation literature.

Suggested Citation

  • Prescott, Edward C. & Rios-Rull, Jose-Victor, 1992. "Classical competitive analysis of economies with Islands," Journal of Economic Theory, Elsevier, vol. 57(1), pages 73-98.
  • Handle: RePEc:eee:jetheo:v:57:y:1992:i:1:p:73-98
    DOI: 10.1016/S0022-0531(05)80041-9
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    References listed on IDEAS

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    1. repec:oup:jeurec:v:16:y:2018:i:3:p:563-603. is not listed on IDEAS
    2. Prescott, Edward C. & Shell, Karl, 2002. "Introduction to Sunspots and Lotteries," Journal of Economic Theory, Elsevier, vol. 107(1), pages 1-10, November.
    3. Osune, Victoria, 2014. "Working-week flexibility: Implications for employment and productivity," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 8, pages 1-29.
    4. Spiros Bougheas & Carl Davidson & Richard Upward & Peter Wright, 2008. "Structural Adjustment, Turnover and Career Mobility," Discussion Papers 08/23, University of Nottingham, GEP.
    5. Alvarez, Fernando & Veracierto, Marcelo, 2012. "Fixed-term employment contracts in an equilibrium search model," Journal of Economic Theory, Elsevier, vol. 147(5), pages 1725-1753.
    6. Beth Allen, 2000. "The Future of Microeconomic Theory," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 143-150, Winter.
    7. Victoria Osuna & Jose-Victor Rios-Rull, 2003. "Implementing the 35 Hour Workweek by Means of Overtime Taxation," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 6(1), pages 179-206, January.
    8. George-Marios Angeletos, 2017. "Frictional Coordination," NBER Working Papers 24178, National Bureau of Economic Research, Inc.

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