Creator: Prescott, Edward C. and Ríos-Rull, José-Víctor Series: Working paper (Federal Reserve Bank of Minneapolis. Research Department) 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.
Replaced by WP 449.
Keyword: Search environment, Competitive general equilibrium, Production, Growth , and Classical approach Subject (JEL): D83 - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness and O21 - Planning Models; Planning Policy