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Sunspot equilibria and the transfer paradox


Hens, Thorsten; Pilgrim, Beate (2004). Sunspot equilibria and the transfer paradox. Economic Theory, 24(3):583-602.

Abstract

Summary.: 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 equivalence enables us to provide some new insights on the relation of the existence of sunspot equilibria and the multiplicity of spot market equilibria

Abstract

Summary.: 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 equivalence enables us to provide some new insights on the relation of the existence of sunspot equilibria and the multiplicity of spot market equilibria

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Additional indexing

Item Type:Journal Article, refereed, original work
Communities & Collections:National licences > 142-005
Dewey Decimal Classification:330 Economics
Scopus Subject Areas:Social Sciences & Humanities > Economics and Econometrics
Language:English
Date:1 October 2004
Deposited On:19 Oct 2018 08:30
Last Modified:15 Apr 2021 14:52
Publisher:Springer
ISSN:0938-2259
OA Status:Green
Publisher DOI:https://doi.org/10.1007/s00199-004-0521-5
Other Identification Number:merlin-id:19949

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