RATIONING AND SUNSPOT EQUILIBRIA
成果类型：
Article
署名作者：
GOENKA, A
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1994.1075
发表日期：
1994
页码：
424-442
关键词：
摘要：
This paper studies the effect of different rationing or income supplement schemes on equilibrium outcomes. Specifically, the question is whether the rationing schemes are successful in neutralizing extrinsic uncertainty, i.e., are stable against sunspots. Under direct, quantify rationing the equilibria are not affected by sunspots. Under value rationing, where the value spent on a group of commodities is restricted through the use of coupons, the equilibria can be affected by self-fulfilling beliefs. An example is given which calculates the entire set of equilibria showing that multiple certainty equilibria is not a necessary condition for the nontrivial effect of sunspots. (C) 1994 Academic Press, Inc.