Classical competitive analysis of economies with Islands

Edward Prescott and José-Víctor Ríos-Rull

Journal of Economic Theory, 1992, vol. 57, issue 1, 73-98

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.

Date: 1992
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Citations: View citations in EconPapers (14)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jetheo:v:57:y:1992:i:1:p:73-98

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

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