I consider economies with incomplete financial markets and nominal assets. I construct an economy where some sunspot equilibria strictly Pareto dominate a subset of nonsunspot equilibria and are not Pareto dominated by any nonsunspot equilibrium. Equilibria in the nonsunspot economy are not Pareto ranked. Journal of Economic Literature Classification Number: D52. © 1993 Academic Press, Inc.
Pietra, T. (1993). Sunspot Equilibria and Efficiency in Economies with Incomplete Financial Markets: A Remark. JOURNAL OF ECONOMIC THEORY, 60(1), 181-190 [10.1006/jeth.1993.1040].
Sunspot Equilibria and Efficiency in Economies with Incomplete Financial Markets: A Remark
Pietra T.
Primo
1993
Abstract
I consider economies with incomplete financial markets and nominal assets. I construct an economy where some sunspot equilibria strictly Pareto dominate a subset of nonsunspot equilibria and are not Pareto dominated by any nonsunspot equilibrium. Equilibria in the nonsunspot economy are not Pareto ranked. Journal of Economic Literature Classification Number: D52. © 1993 Academic Press, Inc.File in questo prodotto:
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