Classical competitive analysis of economies with Islands

Edward C. Prescott, Jose Victor Rios-Rull

Research output: Contribution to journalArticle

16 Scopus citations

Abstract

Arrow-Debreu competitive equilibrium analysis is extended to environments with information sets differing in space as well as in time and with people moving between locations. Equilibrium is shown to exist and to be optimal, and the equilibrium price system is characterized. Such environments include many of those studies in the sectoral reallocation literature.

Original languageEnglish (US)
Pages (from-to)73-98
Number of pages26
JournalJournal of Economic Theory
Volume57
Issue number1
DOIs
StatePublished - Jun 1992
Externally publishedYes

ASJC Scopus subject areas

  • Economics and Econometrics

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