Market Participation and Sunspot Equilibria
The 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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