Underemployment of resources and self-fulfilling beliefs: Nonwalrasian allocations at walrasian prices

Alessandro Citanna, Herve Cres and Antonio Villanacci ()

GSIA Working Papers from Carnegie Mellon University, Tepper School of Business

Abstract: In a model of exchange with price-taking individuals, the existence of a continuum of nontrivial underemployment equilibria with walrasian prices is proved for a generic set of economies. The likelihood of the occurrence of these equilibria is higher the

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Related works:
Working Paper: Underemployment of Resources and Self-fulfilling Beliefs: Non-Walrasian Allocations at Walrasian Prices (2001)
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