Indeterminacy of intertemporal equilibria under imperfect competition

Kaas, Leo

Indeterminacy of intertemporal equilibria under imperfect competition

Dateien

18.pdfGröße: 214.04 KBDownloads: 292

Datum

2001

Open Access-Veröffentlichung

Open Access Green

Sammlungen

Wirtschaftswissenschaften

Publikationstyp

Zeitschriftenartikel

Publikationsstatus

Published

Erschienen in

Economic Theory. 2001, 17(2), pp. 307-323

Zusammenfassung

It is known that overlapping generations models with imperfectly competitive firms may exhibit a continuum of stationary equilibria. The reason of this indeterminacy is that different price expectation functions of consumers lead to different objective demand functions against which firms maximize. All these expectation functions fulfill perfect foresight in the equilibrium, but they can be arbitrary off the equilibrium. In this paper it is shown that it is not this arbitrariness which is responsible for the indeterminacy, but that the continuum of stationary equilibria emerges even if expectation functions are rational.

Fachgebiet (DDC)

330 Wirtschaft

Schlagwörter

Overlapping generations model, Imperfect competition, Indeterminacy, Expectations

Zitieren

ISO 690

KAAS, Leo, 2001. Indeterminacy of intertemporal equilibria under imperfect competition. In: Economic Theory. 2001, 17(2), pp. 307-323

BibTex

@article{Kaas2001Indet-12207,
  year={2001},
  title={Indeterminacy of intertemporal equilibria under imperfect competition},
  number={2},
  volume={17},
  journal={Economic Theory},
  pages={307--323},
  author={Kaas, Leo}
}

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