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Creator: Prescott, Edward C. and Ríos-Rull, José-Víctor. Series: Working paper (Federal Reserve Bank of Minneapolis. Research Dept.) Number: 329 Abstract: Arrow-Debreu competitive equilibrium analysis is extended to environments with information sets differing in space as well as in time and with people moving between locations. Equilibrium is shown to exist and to be optimal and the equilibrium price system is characterized. Such environments include many of those studied in the equilibrium search literature. Descrição:
Replaced by WP 449.
Palavra-chave: Production, Search environment, Classical approach, Growth , and Competitive general equilibrium Sujeito: D83 - Information, knowledge, and uncertainty - Search ; Learning ; Information and knowledge ; Communication ; Belief and O21 - Development planning and policy - Planning models ; Planning policy