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A third sector in the core-periphery model: non-tradable goods
Vasco Leite; Sofia B. S. D. Castro; João Correia-da-SilvaWe extend an analytically solvable core-periphery model by introducing a monopolistically competitive sector of non-tradable goods that is mobile across regions. We find that when the elasticity of substitution among non-tradable goods is very low, there is agglomeration of all the production (of both tradable and non-tradable goods). When the elasticity of substitution among non-tradable goods is sufficiently ...
The price of risk and ambiguity in an intertemporal general equilibrium model o...
Gonçalo Faria; João Correia-da-SilvaWe consider a version of the intertemporal general equilibrium model of Cox et al. (Econometrica 53:363–384, 1985) with a single production process and two correlated state variables. It is assumed that only one of them, Y2, has shocks correlated with those of the economy’s output rate and, simultaneously, that the representative agent is ambiguous about its stochastic process. This implies that cha...
General equilibrium in markets for lemons
João Correia-da-SilvaThis paper studies exchange economies in which agents have differential information about the goods that the other agents bring to the market. To study such a setting, it is useful to distinguish goods not only by their physical characteristics, but also by the agent that brings them to the market. Equilibrium is shown to exist, with agents receiving the cheapest bundle among those that they cannot distinguish ...
General equilibrium in economies with uncertain delivery
João Correia-da-Silva; Carlos Hervés-BelosoWe consider a general equilibrium model of trade ex ante with differential information in which agents choose plans of state-contingent lists of bundles. Being unable to verify that the state of nature is s and not t, an agent has to accept the delivery of any bundle in the list for delivery in state s or in the list for delivery in state t. Under the assumption that each state of nature can be verified by at l...
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