Market Participation and Sunspot Equilibria
研究在禀赋和市场参与限制下，竞争均衡中太阳黑子均衡的存在性。对于任意正则禀赋，若受限消费者很少则无太阳黑子均衡；若禀赋可变而限制固定，则存在偏好集使得太阳黑子均衡在非空禀赋子集上存在。
We investigate the structure of competitive equilibria in an exchange economy parametrized by (i) endowments and (ii) restrictions on market participation. For arbitrary regular endowments, if few consumers are restricted, there are no sunspot equilibria. If endowments are allowed to vary, while restrictions on market participation are fixed, there is a generic set of preferences such that sunspot equilibria exist for a non-empty subset of endowments. Our analysis extends to the general case of an arbitrary number of restricted consumers the results of Cass and Shell for the polar cases in which either (i) no consumers are restricted or (ii) all consumers are restricted.