When sunspots don't matter
作者： Aditya Goenka , Karl Shell
DOI: 10.1007/BF01213451
关键词: Regular polygon 、 Sunspot 、 Convex function 、 Economics 、 Mathematical economics 、 Cover (topology) 、 Competitive economy
摘要: We show that a finite, competitive economy isimmune to sunspots if (i) preferences are strictly convex, (ii) the set of feasible allocations is and (iii) contingent-claims market perfect. The conditions (i)–(ii) cover some, but not all, economies with nonconvex technologies. Based on an indivisible-good example, we even convex full insurance arenot in general immune from sunspots. also (1) sufficient (i)–(iii) necessary for sunspot immunity (2)ex-ante efficiency
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