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- W3125915369 abstract "We study a prototypical class of exchange economies with private information and indivisibilities. We establish an equivalence between lottery equilibria and sunspot equilibria and show that the welfare and existence theorems hold. To establish these results, we introduce the concept of the stand-in consumer economy, which is a standard convex, finite consumer, finite good, pure exchange economy. With decreasing absolute risk aversion and no indivisibilities, we prove that no lotteries are actually used in equilibrium. We provide a simple numerical example with increasing absolute risk aversion in which lotteries are necessarily used in equilibrium. We also show how the equilibrium allocation in this example can be implemented in a sunspot equilibrium." @default.
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- W3125915369 date "2000-08-01" @default.
- W3125915369 modified "2023-09-23" @default.
- W3125915369 title "Lotteries, Sunspots and Incentive Constraints" @default.
- W3125915369 hasPublicationYear "2000" @default.
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