; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Indivisibilities, Lotteries, and Sunspot Equilibria"; ; "batchuser@example.com"; "Shell, Karl", "Wright, Randall D."; "Federal Reserve Bank of Minneapolis"; "Contract theory", "Economic theory", "Competitive equilibrium", "Equilibrium theory", "Macroeconomic model "; "We analyze economies with indivisible commodities. There are two reasons for doing so. First, we extend and provide new insights into sunspot equilibrium theory. Finite competitive economies with perfect markets and convex consumption sets do not allow sunspot equilibria; these same economies with nonconvex consumption sets do, and they have several properties that can never arise in convex environments. Second, we provide a reinterpretation of the employment lotteries used in contract theory and in macroeconomic models with indivisible labor. We show how socially optimal employment lotteries can be decentralized as competitive equilibria once sunspots are introduced."^^; "1991-01"; "2019-10-07T21:25:43.843052409+00:00"^^; "https://doi.org/10.21034/sr.133"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 22:13:28 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "717", "859"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "133"; "Macroeconomic model ", "Contract theory", "Competitive equilibrium", "Equilibrium theory", "Economic theory"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; """Published in: _Economic Theory_ (Vol. 3, Issue 1, March 1993, pp. 1-17) https://doi.org/10.1007/BF01213688. """^^; ; "Publication" . ; .