A characterization of robust sunspot equilibria

• 成果类型: Article
• 署名作者: Garratt, R; Keister, T
• 署名单位: University of California System; University of California Santa Barbara; Instituto Tecnologico Autonomo de Mexico
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1006/jeth.2001.2798
• 发表日期: 2002
• 页码: 136-144
• 关键词: indivisibilities; nonconvexities; Sunspot equilibrium; Robustness; Lottery equilibrium

摘要

In nonconvex environments, a sunspot equilibrium can sometimes be destroyed by the introduction of new extrinsic information. We provide a simple test for determining whether or not a particular equilibrium survives, or is robust to, all possible refinements of the state space. We use this test to provide a characterization of the set of robust sunspot-equilibrium allocations of a given economy; it is equivalent to the set of equilibrium allocations of the associated lottery economy. (C) 2002 Elsevier Science (USA).