Correlated equilibria and sunspots (Q1106079)
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scientific article; zbMATH DE number 4060954
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| English | Correlated equilibria and sunspots |
scientific article; zbMATH DE number 4060954 |
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Correlated equilibria and sunspots (English)
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1987
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The authors present an example to show that uncertainty which has no influence on basic parameters such as preferences, endowments or technology can nevertheless affect the equilibrium outcome. The example is based on a two-period, two-commodity, two class economy in which the signals that different agents observe are imperfectly correlated and one commodity is a Giffen good.
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sunspots
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finite horizon model
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overlapping generations
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extrinsic uncertainty
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imperfectly correlated equilibrium
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two-period, two- commodity, two class economy
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Giffen good
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0.8527058362960815
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0.8422993421554565
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0.8303039073944092
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0.8073365688323975
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