haku: @author Keister, T. / yhteensä: 2
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| Tekijä: | Garratt, R. Keister, T. Shell, K. |
| Otsikko: | Comparing sunspot equilibrium and lottery equilibrium allocations: the finite case |
| Lehti: | International Economic Review
2004 : MAY, VOL. 45:2, p. 351-386 |
| Asiasana: | Allocation Equilibrium analysis Stochastic processes |
| Kieli: | eng |
| Tiivistelmä: | Sunspot equilibrium and lottery equilibrium are two stochastic solution concepts for nonstochastic economies. These concepts are compared 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. |
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