Sunspots, Correlation and Competition

Herakles M. Polemarchakis and Indrajit Ray ()

No 04-15, Discussion Papers from Department of Economics, University of Birmingham

Abstract: Correlated equilibria in strategic market games played, simultaneously, by ìoverlapping generationsî of players correspond to sunspot equilibria in the associated, competitive economy. The higher the degree of competition, the larger the range of parameters that allow for effective correlation or endogenous stochastic fluctuations.

Keywords: Sunspot equilibria; Correlated equilibria; Market games (search for similar items in EconPapers)
JEL-codes: C72 D50 D82 E30 (search for similar items in EconPapers)
Pages: 16 pages
Date: 2004-04
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Related works:
Journal Article: Sunspots, correlation and competition (2006)
Working Paper: Sunspots, Correlation And Competition (2004)
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Persistent link: https://EconPapers.repec.org/RePEc:bir:birmec:04-15

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