Informational Efficiency Properties of Rational Expectations Equilibria in Non-Convex Economies PDF Download
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Author: Giulio Seccia
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
A simple example shows that although non-convexities might prevent the existence of a fully revealing rational expectations equilibrium, they need not prevent the existence of a non-informative one. Indeed, the economy in this example does not possess any fully revealing equilibria, but does have a continuum of non-informative ones. Keywords and Phrases: Asymmetric information, Non-convex economies.
Author: Giulio Seccia
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
A simple example shows that although non-convexities might prevent the existence of a fully revealing rational expectations equilibrium, they need not prevent the existence of a non-informative one. Indeed, the economy in this example does not possess any fully revealing equilibria, but does have a continuum of non-informative ones. Keywords and Phrases: Asymmetric information, Non-convex economies.
Author: Aviad Heifetz
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 44
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Book Description
Author: Piero Gottardi
Publisher:
ISBN:
Category : Business enterprises
Languages : en
Pages : 0
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Author: Graham Keith Shaw
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 148
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Book Description
Author: Roger Guesnerie
Publisher: MIT Press
ISBN: 9780262262903
Category : Business & Economics
Languages : en
Pages : 498
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Book Description
A theoretical assessment of the Rational Expectations Hypothesis through subjecting a collection of economic models to an "eductive stability" test. The rational expectations hypothesis (REH) dominates economic modeling in areas ranging from monetary theory, macroeconomics, and general equilibrium to finance. In this book, Roger Guesnerie continues the critical analysis of the REH begun in his Assessing Rational Expectations: Sunspot Multiplicity and Economic Fluctuations, which dealt with the questions raised by multiplicity and its implications for a theory of endogenous fluctuations. This second volume emphasizes "eductive" learning: relying on careful reasoning, agents must deduce what other agents guess, a process that differs from the standard evolutionary learning experience in which agents make decisions about the future based on past experiences. A broad "eductive" stability test is proposed that includes common knowledge and results in a unique "rationalizable expectations equilibrium." This test provides the basis for Guesnerie's theoretical assessment of the plausibility of the REH's expectational coordination, emphasizing, for different categories of economic models, conditions for the REH's success or failure. Guesnerie begins by presenting the concepts and methods of the eductive stability analysis in selected partial equilibrium models. He then explores to what extent general equilibrium strategic complementarities interfere with partial equilibrium considerations in the formation of stable expectations. Guesnerie next examines two issues relating to eductive stability in financial market models, speculation and asymmetric price information. The dynamic settings of an infinite horizon model are then taken up, and particular standard and generalized saddle-path solutions are scrutinized. Guesnerie concludes with a review of general questions and some "cautious" remarks on the policy implications of his analysis.
Author: Steven M. Sheffrin
Publisher: Cambridge University Press
ISBN: 9780521479394
Category : Business & Economics
Languages : en
Pages : 204
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Book Description
This book develops the idea of rational expectations and surveys its use in economics today.
Author: Torben M. Andersen
Publisher:
ISBN:
Category :
Languages : en
Pages : 23
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Book Description
Author: Deborah A. Redman
Publisher: Edward Elgar Publishing
ISBN:
Category : Business & Economics
Languages : en
Pages : 216
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Book Description
The major purpose of this work is to make staying up to date with rational expectations (RE) easier for economists in government, academia and industry, as well as for students.
Author: Chang-Ho Yoon
Publisher:
ISBN:
Category : Commerce
Languages : en
Pages : 248
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Book Description
Author: Jati Sengupta
Publisher: Springer Science & Business Media
ISBN: 9400950535
Category : Business & Economics
Languages : en
Pages : 478
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Book Description
Use of information is basic to economic theory in two ways. As a basis for optimization, it is central to all normative hypotheses used in eco nomics, but in decision-making situations it has stochastic and evolution ary aspects that are more dynamic and hence more fundamental. This book provides an illustrative survey of the use of information in econom ics and other decision sciences. Since this area is one of the most active fields of research in modern times, it is not possible to be definitive on all aspects of the issues involved. However questions that appear to be most important in this author's view are emphasized in many cases, without drawing any definite conclusions. It is hoped that these questions would provoke new interest for those beginning researchers in the field who are currently most active. Various classifications of information structures and their relevance for optimal decision-making in a stochastic environment are analyzed in some detail. Specifically the following areas are illustrated in its analytic aspects: 1. Stochastic optimization in linear economic models, 2. Stochastic models in dynamic economics with problems of time-inc- sistency, causality and estimation, 3. Optimal output-inventory decisions in stochastic markets, 4. Minimax policies in portfolio theory, 5. Methods of stochastic control and differential games, and 6. Adaptive information structures in decision models in economics and the theory of economic policy.
