Dropping rational expectations
Copyright policy )Dropping rational expectations
The authors consider a two-period pure-exchange economy, where uncertainty prevails and agents, possibly asymmetrically informed, exchange commodities and securities of all kinds. Consumers' characteristics, anticipations, beliefs and actions are all private and typically not known nor assessed by the other agents. In the paper is defined a notion of ``correct foresight equilibrium'', which permits to generalize various concepts of rational expectations equilibria. This ``correct foresight equilibrium'' is shown to exist whenever agents' anticipation sets include the minimum uncertainty set.
Anticipations, Inferences, Perfect foresight, Existence problem, Rational expectations, Financial markets, Asymmetric information, Arbitrage, Special types of economic equilibria, existence of equilibrium, arbitrage, perfect foresight,existence problem,rational expectations,financial markets,asymmetric information,anticipations,inférences,anticipations parfaites,problème d'existence,anticipations rationnelles,marchés financiers,information asymétrique,arbitrage, asymmetric information, rational expectations, General equilibrium theory, sequential equilibrium, [SHS.ECO] Humanities and Social Sciences/Economics and Finance, temporary equilibrium, jel: jel:D52
Anticipations, Inferences, Perfect foresight, Existence problem, Rational expectations, Financial markets, Asymmetric information, Arbitrage, Special types of economic equilibria, existence of equilibrium, arbitrage, perfect foresight,existence problem,rational expectations,financial markets,asymmetric information,anticipations,inférences,anticipations parfaites,problème d'existence,anticipations rationnelles,marchés financiers,information asymétrique,arbitrage, asymmetric information, rational expectations, General equilibrium theory, sequential equilibrium, [SHS.ECO] Humanities and Social Sciences/Economics and Finance, temporary equilibrium, jel: jel:D52
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