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Competitive Equilibrium with Restricted Participation: The Case of Circular Trade

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dc.contributor.authorFiorini, Luciana C.
dc.contributor.authorMaldonado, Wildredo Leiva
dc.contributor.authorRodrigues-Neto, Jose A.
dc.date.accessioned2023-03-13T22:01:10Z
dc.date.issued2018
dc.date.updated2021-12-26T07:19:23Z
dc.description.abstractIn a model of competitive equilibrium with restricted participation, we prove the existence of a circular competitive equilibrium (CCE). There is a unique CCE if all coefficients of relative risk aversion are bounded above by 1. The direction of trade is determined by the product of the marginal rates of substitution calculated at initial endowments. We also propose a measure for the trade volume (for each individual and for the entire market), prove a no-trade result, and calculate wealth and belief effects on the circular trade economy.en_AU
dc.format.mimetypeapplication/pdfen_AU
dc.identifier.issn0932-4569en_AU
dc.identifier.urihttp://hdl.handle.net/1885/286996
dc.language.isoen_AUen_AU
dc.publisherMohr Siebecken_AU
dc.rights© 2017 The authorsen_AU
dc.sourceJournal of Institutional and Theoretical Economicsen_AU
dc.subjectbeliefsen_AU
dc.subjectcircular tradeen_AU
dc.subjectcompetitive equilibriumen_AU
dc.subjectincomplete informationen_AU
dc.subjectrestricted participationen_AU
dc.titleCompetitive Equilibrium with Restricted Participation: The Case of Circular Tradeen_AU
dc.typeJournal articleen_AU
local.bibliographicCitation.issue3en_AU
local.bibliographicCitation.lastpage547en_AU
local.bibliographicCitation.startpage514en_AU
local.contributor.affiliationFiorini, Luciana C., The University of Western Australiaen_AU
local.contributor.affiliationMaldonado, Wildredo Leiva, Catholic University of Brasiliaen_AU
local.contributor.affiliationRodrigues Neto, Jose, College of Business and Economics, ANUen_AU
local.contributor.authoruidRodrigues Neto, Jose, u4430916en_AU
local.description.embargo2099-12-31
local.description.notesImported from ARIESen_AU
local.identifier.absfor380300 - Economic theoryen_AU
local.identifier.ariespublicationu4485658xPUB1680en_AU
local.identifier.citationvolume174en_AU
local.identifier.doi10.1628/093245617X15096094637995en_AU
local.identifier.thomsonID000441874100005
local.publisher.urlhttps://www.mohrsiebeck.com/en_AU
local.type.statusPublished Versionen_AU

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