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dc.contributor.authorHens, Thorsten
dc.contributor.authorMayer, Janós
dc.contributor.authorPilgrim, Beate
dc.date.accessioned2006-07-13T07:31:14Z
dc.date.available2006-07-13T07:31:14Z
dc.date.issued2004
dc.identifier.issn1500-4066
dc.identifier.urihttp://hdl.handle.net/11250/163699
dc.description.abstractWe 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 equivalence enables us to show that sunspots cannot matter if the initial economy has a unique spot market equilibrium and there are only two commodities or if the economy has a unique equilibrium for all distributions of endowments induced by asset trade. For more than two agents the equivalence breaks and we give an example for sunspot equilibria even though the economy has a unique equilibrium for all distributions of endowments induced by asset trade.en
dc.format.extent348333 bytes
dc.format.mimetypeapplication/pdf
dc.language.isoengen
dc.publisherNorwegian School of Economics and Business Administration. Department of Finance and Management Scienceen
dc.relation.ispartofseriesDiscussion paperen
dc.relation.ispartofseries2004:15en
dc.titleExistence of sunspot equilibria and uniqueness of spot market equilibria : the case of intrinsically complete marketsen
dc.typeWorking paperen


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