EXISTENCE OF SUNSPOT EQUILIBRIUM AND ABSENCE OF NON-SUNSPOT EQUILIBRIA IN A FINANCIAL ECONOMY

被引：1
|
作者：
PIETRA, T
机构：
[1] Department of Economics, Rutgers University, New Brunswick, NJ, New Jersey Hall
来源：
JOURNAL OF ECONOMIC THEORY | 1991年 / 53卷 / 02期
关键词：
D O I：
10.1016/0022-0531(91)90164-Y
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
The paper shows that there are financial economies for which there are no equilibria if there is no extrinsic uncertainty, while there are sunspot equilibria. We present two examples: The first is an economy where non-existence of equilibria in the economy without extrinsic uncertainty is due to the collapse of rank of the return matrix. The second is a non-convex economy. © 1991.
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页码：439 / 451
页数：13
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