General competitive analysis in an economy with private information Öffentlichkeit Deposited

Creator Series Issue number
  • 203
Date Created
  • 1983-03
Abstract
  • General competitive analysis is extended to cover a dynamic, pure-exchange economy with privately observed shocks to preferences. In the linear, infinite-dimensional space containing lotteries we establish the existence of optima, the existence of competitive equilibria, and that every competitive equilibrium is an optimum. An example illustrates that rationing and securities with contrived risk have an equilibrium interpretation.

Subject (JEL) Stichwort Alternative title
  • On competitive theory with private information / Edward C. Prescott, Robert M. Townsend.
Mitwirkende Date Modified
  • 03/20/2018
Publisher
  • Federal Reserve Bank of Minneapolis. Research Division.
Resource type

Beziehungen

Zuletzt geändert

Herunterladbarer Inhalt

PDF Herunterladen

Zipped Files

Download a zip file that contains all the files in this work.

Artikel