Rustichini, Aldo; Siconolfi, Paolo - In: Economic Theory 24 (2004) 3, pp. 701-726
We investigate the relation between lotteries and sunspot allocations in a dynamic economy where the utility functions are not concave. In an intertemporal competitive economy, the household consumption set is identified with the set of lotteries, while in the intertemporal sunspot economy it is...