We study the competitive equilibrium of a market for votes where voters can trade votes for a numeraire before making a … sufficient condition guaranteeing the existence of an ex ante equilibrium. In equilibrium, only the most intense voter on each …

tractable and unique equilibrium, and is therefore useful for empirical testing. Second, the resulting equilibrium gives rise to … an efficient allocation of resources. Third, the equilibrium is characterized by a job ladder, where unemployed workers …. Finally, the equilibrium offers different implications for the dynamics of job-to-job transitions than existing models of …

unemployment) in which equilibrium selection is not conditioned on a sunspot variable. Instead, large temporary shocks initiate … the high-unemployment regime was the unique equilibrium outcome. …

A number of authors have attempted to test whether the US economy is in a determinate or an indeterminate equilibrium … provide examples of two economic models. Model 1 displays an indeterminate equilibrium, driven by sunspots. Model 2 displays a … determinate equilibrium driven by fundamentals. Both models have the same likelihood function and are therefore observationally …