We study the connection between occurrence of manipulation via reallocating endowments by coalitions and sunspot equilibria. The uncertainty about which coalition will form introduces extrinsic uncertainty into the economy. Under certain conditions, manipulation of endowments by coalitions can occur if and only if sunspots matter.

Manipulation of endowments and sunspot equilibria

MATTA, STEFANO
2008

Abstract

We study the connection between occurrence of manipulation via reallocating endowments by coalitions and sunspot equilibria. The uncertainty about which coalition will form introduces extrinsic uncertainty into the economy. Under certain conditions, manipulation of endowments by coalitions can occur if and only if sunspots matter.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11584/98634
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