“Intertemporal efficiency does not imply a common price forecast: a leading example” by Prof. Atsushi Kajii
Wednesday, 12 December 2018 | 4:30 p.m. - 6:00 p.m.
Room 910, K.K. Leung Building, HKU
Economics Seminar
Author:
Atsushi Kajii
Kyoto University
We define an efficient temporary equilibrium (ETE) within the framework of a two period economy. We show by example that ETE in this setting can lead to intertemporally efficient allocations without the agents forecasts being coordinated on a perfect foresight price. There is a one dimensional set of such efficient allocations for generic endowments.
