Market Uncertainty: Correlated and Sunspot Equilibria in Imperfectly Competitive Economies
证明在不完全竞争经济中，当禀赋非帕累托最优时，非随机市场博弈存在随机均衡，并揭示了博弈中的相关均衡与市场经济中的太阳黑子均衡之间的联系。
An imperfectly competitive economy is very prone to market uncertainty, including uncertainty about the liquidity (or "thickness") of markets. We show, in particular, that there exist stochastic equilibrium outcomes in nonstochastic market games if (and only if) the endowments are not Pareto optimal. We also provide a link between extrinsic uncertainty arising in games (e.g. correlated equilibria) and extrinsic uncertainty in market economies (e.g. sunspot equilibria). A correlated equilibria to the market game is either a sunspot equilibrium or a non-sunspot equilibrium to the related securities games, but the converse is not true in general.