Local Externalities, Convex Adjustment Costs, and Sunspot Equilibria
研究在无内在不确定性的环境中，局部生产外部性如何导致资源在区域或部门间随机配置（太阳黑子均衡），并给出了存在性条件。
We study the possibility of random changes in the allocation of resources among regions/sectors in the presence of local productive externalities, in an environment without intrinsic uncertainty. We show that "positive" externalities over some range of activity are a necessary condition for existence of such sunspot equilibria. For the two-state sunspot case, we derive sufficient conditions for existence of sunspot equilibria, in terms of the properties of adjustment costs, private technologies, and externalities. Journal of Economic Literature Classification Numbers: E32, R13.