Introduction to sunspots and lotteries
成果类型：
Editorial Material
署名作者：
Prescott, EC; Shell, K
署名单位：
University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Cornell University
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.2002.2946
发表日期：
2002
页码：
1-10
关键词：
摘要：
This introduces the symposium on sunspots and lotteries. Two stochastic general-equilibrium concepts, sunspot equilibrium (SE) and lottery equilibrium (LE), are compared. It is shown that, for some general, pure-exchange economies which allow for consumption nonconvexities or moral hazards, the set of LE allocations is equivalent to the set of SE allocations provided that the randomizing device can generate events of any probability. (C) 2002 Elsevier Science (USA).
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