Classical competitive analysis of economies with Islands

Edward C. Prescott; Jose Victor Rios-Rull

doi:10.1016/S0022-0531(05)80041-9

Classical competitive analysis of economies with Islands

Edward C. Prescott, Jose Victor Rios-Rull

Research output: Contribution to journal › Article › peer-review

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 language	English (US)
Pages (from-to)	73-98
Number of pages	26
Journal	Journal of Economic Theory
Volume	57
Issue number	1
DOIs	https://doi.org/10.1016/S0022-0531(05)80041-9
State	Published - Jun 1992
Externally published	Yes

ASJC Scopus subject areas

Economics and Econometrics

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10.1016/S0022-0531(05)80041-9

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title = "Classical competitive analysis of economies with Islands",

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.",

author = "Prescott, {Edward C.} and Rios-Rull, {Jose Victor}",

note = "Funding Information: * The authors acknowledge the comments of V. V. Chari, Javier Diaz, Juan Ketterer, Andreu Mas-Colell, and Ramon Marimon, and especially those of Hugo Hopenhayn, Tim Kehou, David Levine, Harald Uhlig, and an anonymous referee. We thank the National Science Foundation for financial support. The usual disclaimers apply.",

year = "1992",

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AU - Rios-Rull, Jose Victor

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PY - 1992/6

Y1 - 1992/6

N2 - 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.

AB - 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.

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Classical competitive analysis of economies with Islands

Abstract

ASJC Scopus subject areas

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