On the Equivalence of Walrasian and Non-walrasian Equilibria in Contract Markets: Complete Contracts

@inproceedings{Peters1995OnTE,
  title={On the Equivalence of Walrasian and Non-walrasian Equilibria in Contract Markets: Complete Contracts},
  author={Michael J Peters},
  year={1995}
}
This paper explores two models of an economy in which contracts are exchanged. In the rst version contracts are exchanged on a competitive market in which traders expectations concerning conditions that prevail within specic markets adjust until markets`clear'. In the second model contract designers compete directly against one another by oering alternate contracts. It is shown that the two models are equivalent in the sense that an allocation is supported by some equilibrium in one model if… CONTINUE READING

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