General competitive analysis in an economy with private information Pubblico Deposited

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