Correlated equilibrium and sunspot equilibrium |
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Authors: | Françoise Forges James Peck |
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Institution: | (1) CORE, Université Catholique de Louvain, 34, Voie du Roman Pays, B-1348 Louvain-la-Neuve, Belgium;(2) Economics Department, The Ohio State University, 440 Arps Hall, 43210 Columbus, OH, USA |
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Abstract: | Summary We show by an example that the sunspot equilibria of a competitive economy are not equivalent to the correlated equilibria if sunspots generate transfers between (extrinsic) states of nature (through a contingent commodities market). Nevertheless, we prove that the sunspot equilibrium allocations of a standard overlapping generations economy coincide with the (strategic form) correlated equilibrium allocations of a natural market game mimicking the economy. |
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Keywords: | Correlated equilibrium market game overlapping generations sunspot equilibrium |
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