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

Alessandro Citanna, Hervé Crès and Antonio Villanacci (antonio.villanacci@unifi.it)

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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Working Paper: Underemployment of Resources and Self-Fulfilling Beliefs: Nonwalrasian Allocations at Walrasian Prices (2001)
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