General Competitive Analysis in an Economy with Private Information

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General Competitive Analysis in an Economy with Private Information

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1981-04

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Center for Economic Research, Department of Economics, University of Minnesota

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Working Paper

Abstract

General competitive analysis is extended to cover a dynamic, pure-exchange economy with privately observed shocks to preferences. In the linear, infinite-dimensional space containing lotteries we establish the existence of optima, the existence of competitive equilibria, that every competitive equilibrium is an optimum, and, with some revealing qualifications, that every optimum can be supported as a competitive equilibrium. An example illustrates that rationing and securities with contrived risk have an equilibrium interpretation.

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Previously Published Citation

Townsend, R.M. and Prescott, E.C., (1981), "General Competitive Analysis in an Economy with Private Information", Discussion Paper No. 144, Center for Economic Research, Department of Economics, University of Minnesota.

Suggested citation

Townsend, Robert M.; Prescott, Edward C.. (1981). General Competitive Analysis in an Economy with Private Information. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/55080.

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