General competitive analysis in an economy with private information Public Deposited

Creator Series Issue number
  • 203
Keyword Subject 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.
Alternative title
  • On competitive theory with private information / Edward C. Prescott, Robert M. Townsend.
Contributor Date Created
  • 1983-03
Date Modified
  • 03/20/2018
  • Federal Reserve Bank of Minneapolis. Research Division.
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