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Coarse Competitive Equilibrium and Extreme Prices

  • Faruk Gul
  • Wolfgang Pesendorfer
  • Tomasz Strzalecki

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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File URL: http://scholar.harvard.edu/tomasz/node/8365
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Paper provided by Harvard University OpenScholar in its series Working Paper with number 8365.

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Date of creation: Apr 2014
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Handle: RePEc:qsh:wpaper:8365
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