Intertemporal efficiency does not imply a common price forecast: a leading example
Atsushi Kajii and
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Shurojit Chatterji: Singapore Management University
Huaxia Zeng: Shanghai University of Finance and Economics
No 992, KIER Working Papers from Kyoto University, Institute of Economic Research
We define an efficient temporary equilibrium (ETE) within the framework of a two period economy. We show by example that ETE in this setting can lead to intertemporally efficient allocations without the agents forecasts being coordinated on a perfect foresight price. There is a one dimensional set of such efficient allocations for generic endowments.
JEL-codes: D51 D53 D61 (search for similar items in EconPapers)
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