Blar i Department of Business and Management Science på forfatter "Pilgrim, Beate"
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Existence of sunspot equilibria and uniqueness of spot market equilibria : the case of intrinsically complete markets
Hens, Thorsten; Mayer, Janós; Pilgrim, Beate (Discussion paper, Working paper, 2004)We consider economies with additively separable utility functions and give conditions for the two-agents case under which the existence of sunspot equilibria is equivalent to the occurrence of the transfer paradox. This ... -
Sunspot equilibria and the transfer paradox
Hens, Thorsten; Pilgrim, Beate (Discussion paper, Working paper, 2004-04)We show that for international economies with two countries, in which agents have additively separable utility functions, the existence of sunspot equilibria is equivalent to the occurrence of the transfer paradox. This ...