Sunspots and the sequential regularity of competitive equilibria
成果类型：
Article
署名作者：
Kajii, A
署名单位：
University of Tsukuba
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1997.2351
发表日期：
1998
页码：
187-194
关键词：
摘要：
This paper studies the regularity of competitive equilibria in a two period exchange economy with one asset where a sunspot signal is observed in the beginning of the second period. It is shown that an equilibrium which does not depend on sunspots is regular if and only if it is sequentially regular as an equilibrium of the economy without sunspots. Hence if the asset is real, a sequential regular equilibrium is robust against any sunspot structure, which may be endogenously generated. (C) 1998 Academic Press.