Comparing Sunspot Equilibrium And Lottery Equilibrium Allocations: The Finite Case*
在完全有限、可能非凸的交换经济中比较太阳黑子均衡与彩票均衡两种随机解概念,发现彩票均衡配置总是太阳黑子均衡配置,反之则几乎总是成立,但存在例外。
Sunspot equilibrium and lottery equilibrium are two stochastic solution concepts for nonstochastic economies. We compare these concepts in a class of completely finite, (possibly) nonconvex exchange economies with perfect markets, which requires extending the lottery model to the finite case. Every equilibrium allocation of our lottery model is also a sunspot equilibrium allocation. The converse is almost always true. There are exceptions, however: For some economies, there exist sunspot equilibrium allocations with no lottery equilibrium counterpart.