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In this paper the existence of unemployment is partly explained as being the result of coordination failures. It is shown that as a result of self-fulfilling pessimistic expectations, even at Walrasian prices, a continuum of equilibria results, among which an equilibrium with approximately no...
Persistent link: https://www.econbiz.de/10011202081
In this paper the existence of unemployment is partly explained as being the result of coordination failures. It is shown that as a result of self-fulfilling pessimistic expectations, even at Walrasian prices, a continuum of equilibria results, among which an equilibrium with approximately no...
Persistent link: https://www.econbiz.de/10011003340
In this paper the existence of unemployment is partly explained as being the result of coordination failures. It is shown that as a result of self-fulfilling pessimistic expectations, even at Walrasian prices, a continuum of equilibria results, among which an equilibrium with approximately no...
Persistent link: https://www.econbiz.de/10005011531
Persistent link: https://www.econbiz.de/10005102256
We study an economy with competitive commodity markets and exclusive pairwise contractual relations with moral hazard, where both the principal and the agent can be risk averse. We show existence of equilibria and their generic constrained suboptimality,
Persistent link: https://www.econbiz.de/10005102293
In this paper we compare rational expectations equilibria with different degrees of information revelation through prices. These equilibria arise in a two-period exchange economy with finitely many states and signals, multiple commodities and incomplete f
Persistent link: https://www.econbiz.de/10005102324
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
Persistent link: https://www.econbiz.de/10005029079