General competitive analysis in an economy with private information Public 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) Mot-clé Alternative title
  • On competitive theory with private information / Edward C. Prescott, Robert M. Townsend.
Contributeurs Date Modified
  • 03/20/2018
Publisher
  • Federal Reserve Bank of Minneapolis. Research Division.
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