Rationed and walrasian markets for the same good :
A rational expectations determination of the relative prices
by Barbara G. Katz and Joel Owen
Abstract
Consumers purchase a good on either a rationed or an equilibrating market. On the former, for price p1 the good is obtained instantly or with delay τ with probabilities Π and (1 − Π) respectively. On the latter the good is obtained instantly for p2. W define and derive the conditions for a rational expectations equilibrium for this problem.