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  International Economic ReviewVolume 45 Issue 2, Pages 351 - 386 Published Online: 19 Apr 2004 © 2009 the Economics Department of the University of Pennsylvania and the Osaka University Institute of Social and Economic Research Association Published on behalf of the University of Pennsylvania and Osaka University
Abstract | References | Full Text: HTML, PDF (Size: 212K) | Related Articles | Citation Tracking  Comparing Sunspot Equilibrium And Lottery Equilibrium Allocations: The Finite Case* Copyright 2004 by the Economics Department Of The University Of Pennsylvania And Osaka University Institute Of Social And Economic Research Association ABSTRACTSunspot 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. Received: 2002; 2003; | 
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