Add to ORKGSunspot equilibrium and lottery equilibrium are two stochastic solution concepts for nonstochastic economies. We compare these concepts in a class of completely finite, (possibly) nonconvex exchange economies with perfect markets, which requires extending the lottery model to the finite case. Every equilibrium allocation of our lottery model is also a sunspot equilibrium allocation. The converse is almost always true. There are exceptions, however: For some economies, there exist sunspot equilibrium allocations with no lottery equilibrium counterpart. 1
In this paper, we consider the occurrence of sunspot equilibria in the proximity of the steady state...
Summary.: We show that for international economies with two countries, in which agents have additive...
International audienceThis paper shows new properties about the equilibria of a stationary OG econom...
Sunspot equilibrium and lottery equilibrium are two stochastic solution concepts for nonstochastic e...
We analyze economies with indivisible commodities. There are two reasons for doing so. First, we ext...
We consider economies with additively separable utility functions and give conditions for the two-ag...
We consider economies with additively separable utility functions and give conditions for the two-ag...
This paper examines the structure of sunspot equilibria in a standard two period exchange economy wi...
This paper proves that a multiplicity of certainty equilibria is not necessary for the existence of ...
In nonconvex environments, a sunspot equilibrium can sometimes be destroyed by the introduction of n...
We analyze sunspot-equilibrium prices in nonconvex economies with perfect markets and a continuous s...
We consider two periods economies with both intrinsic and extrinsic uncertainty. Asset markets are i...
We show by an example that the sunspot equilibria of a competitive economy are not equivalent to the...
Mas-Colell (1992) conjectured that there could be no sunspot equilibria if the fun damentals of the ...
In nonconvex environments, a sunspot equilibrium can sometimes be destroyed by the introduction of n...
In this paper, we consider the occurrence of sunspot equilibria in the proximity of the steady state...
Summary.: We show that for international economies with two countries, in which agents have additive...
International audienceThis paper shows new properties about the equilibria of a stationary OG econom...
Sunspot equilibrium and lottery equilibrium are two stochastic solution concepts for nonstochastic e...
We analyze economies with indivisible commodities. There are two reasons for doing so. First, we ext...
We consider economies with additively separable utility functions and give conditions for the two-ag...
We consider economies with additively separable utility functions and give conditions for the two-ag...
This paper examines the structure of sunspot equilibria in a standard two period exchange economy wi...
This paper proves that a multiplicity of certainty equilibria is not necessary for the existence of ...
In nonconvex environments, a sunspot equilibrium can sometimes be destroyed by the introduction of n...
We analyze sunspot-equilibrium prices in nonconvex economies with perfect markets and a continuous s...
We consider two periods economies with both intrinsic and extrinsic uncertainty. Asset markets are i...
We show by an example that the sunspot equilibria of a competitive economy are not equivalent to the...
Mas-Colell (1992) conjectured that there could be no sunspot equilibria if the fun damentals of the ...
In nonconvex environments, a sunspot equilibrium can sometimes be destroyed by the introduction of n...
In this paper, we consider the occurrence of sunspot equilibria in the proximity of the steady state...
Summary.: We show that for international economies with two countries, in which agents have additive...
International audienceThis paper shows new properties about the equilibria of a stationary OG econom...