The set of sunspot equilibria in economies with incomplete financial markets: variable asset prices |
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Authors: | Tito Pietra |
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Affiliation: | (1) S.E.T. and Università di Modena e Reggio Emilia, Dipartimento di Economia Politica, V. le Berengario 51, 41100 Modena, ITALY (e-mail: tpietra@unimo.it) , IT |
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Abstract: | Summary. I consider the set of equilibria of two-period economies with S extrinsic states of nature in the second period and I assets with linearly independent nominal payoffs. Asset prices are variable. If the number of agents is greater than (S-I), the payoff matrix is in general position and S 2I, the set of equilibrium allocations generically (in utility function space) contains a smooth manifold of dimension (S-1). Moreover, the map from states o f nature to equilibrium allocations (restricted to this manifold) is one-to-one at each equilibrium. Received: February 23, 1998; revised version: June 1, 2000 |
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Keywords: | and Phrases:Sunspot equilibria. |
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