This paper is a frontrunner in the theory of Sunspot Equilibrium.
2.
Cass s second seminal contribution the notion of a so-called sunspot equilibrium in dynamic economies which he developed jointly with Karl Shell is also the stuff of legend, and grew out of his long and productive collaboration with Karl at Penn.
3.
The first actual model of sunspot equilibrium was produced by Shell in an OLG framework with linear utility functions, which appeared in his " Monnai et allocation intertemporelle " in 1977, as part of the Malinvaud lecture series in Paris ( now published as a vintage paper in Macroeconomic Dynamics ).
4.
In addition to raising troubling questions about what the right state space was for dynamic stochastic economies, the notion of sunspot equilibrium raised a number of deep questions about the overall determinacy of economic equilibria and the role of the welfare theorems in the occurrence or non-occurrence of sunspot equilibria.
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