Underemployment of resources and self-fulfilling beliefs: Nonwalrasian allocations at walrasian prices

In a model of exchange with price-taking individuals, the existence of a continuum of nontrivial underemployment equilibria with walrasian prices is proved for a generic set of economies. The likelihood of the occurrence of these equilibria is higher the

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Authors:	Citanna, Alessandro ; Cres, Herve ; Villanacci, Antonio
Institutions:	Carnegie Mellon University, Tepper School of Business

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Series:	GSIA Working Papers.
Type of publication:	Book / Working Paper
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005029079