We show by an example that the sunspot equilibria of a competitive economy are not equivalent to the correlated equilibria if sunspots generate transfers between (extrinsic) state of nature (through a contingent commodities market). Nevertheless, we prove that the sunspot equilibrium allocations...

According to a minimalist version of Afriat’s theorem, a consumer behaves as a utility maximizer if and only if a feasibility matrix associated with his choices is cyclically consistent. An “essential experiment” consists of observed consumption bundles <InlineEquation ID="IEq1"> <EquationSource Format="TEX">$$(x_{1}, \ldots , x_{n})$$</EquationSource> </InlineEquation> and a...</equationsource></inlineequation>