Trading on Sunspots
收藏NBER2015-01-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w20813
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资源简介：
In a model with multiple Pareto-ranked equilibria we add trade in assets that pay based on the realization of a sunspot. Asset trading restricts the equilibrium set in a way that raises welfare by eliminating equilibria with a high likelihood of disasters. When the probability of a disaster is high
提供机构：
美国国家经济研究局
创建时间：
2015-01-01
