Equilibrium prices when the sunspot variable is continuous
成果类型：
Article
署名作者：
Garratt, R; Keister, T; Qin, CZ; Shell, K
署名单位：
University of California System; University of California Santa Barbara; Instituto Tecnologico Autonomo de Mexico; Cornell University; New York University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1999.2634
发表日期：
2002
页码：
11-38
关键词：
摘要：
We analyze sunspot-equilibrium prices in nonconvex economics with perfect markets and a continuous sunspot variable. Our primary result is that every sunspot equilibrium allocation can be supported by prices that, when adjusted for probabilities, are constant across states. This result extends to the case of a finite number of equally-probable states under a nonsatiation condition, but does not extend to general discrete state spaces. We use our primary result to establish the equivalence of the set of sunspot equilibrium allocations based on a continuous sunspot variable and the set of lottery equilibrium allocations. (C) 2002 Elsevier Science (USA).
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