MARKET PARTICIPATION AND SUNSPOT EQUILIBRIA
成果类型：
Article
署名作者：
BALASKO, Y; CASS, D; SHELL, K
署名单位：
heSam Universite; Universite Pantheon-Sorbonne; University of Pennsylvania; Cornell University
刊物名称：
REVIEW OF ECONOMIC STUDIES
ISSN/ISSBN：
0034-6527
DOI：
10.2307/2298039
发表日期：
1995
页码：
491-512
关键词：
摘要：
We investigate the structure of competitive equilibria in an exchange economy parametrized by (i) endowments and (ii) restrictions on market participation. For arbitrary regular endowments, if few consumers are restricted, there are no sunspot equilibria. If endowments are allowed to vary, while restrictions on market participation are fixed, there is a generic set of preferences such that sunspot equilibria exist for a non-empty subset of endowments. Our analysis extends to the general case of an arbitrary number of restricted consumers the results of Cass and Shell for the polar cases in which either (i) no consumers are restricted or (ii) all consumers are restricted.
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