Honkapohja, SeppoIto, Takatoshi2009-11-162009-11-161980-05Honkapohja, S. and Ito, T., (1980), "On Stochastic Rationing Equilibrium", Discussion Paper No. 133, Center for Economic Research, Department of Economics, University of Minnesota.https://hdl.handle.net/11299/55038Difficulties in the concept of effective demand in the standard approaches to the analysis of non-clearing markets have led to considerations of trading uncertainty or stochastic rationing. In the earlier litterature it has been shown that under certain conditions the stochastic rationing mechanism has a linearity property. The purpose of this -paper is to analyze the existence of an equilibrium with positive trading under a mechanism of stochastic rationing. Sufficient conditions for this kind of "non-trivial" equilibrium are developed in a model with overlapping generations and production. As a by-product it is shown how the theory of continuos probabilistic expectations, due to Grandmont can be extended to take into account the possibility of rationing expected in the future.en-USWorking Paper