Download or read book Welfare properties of rational expectations equilibria written by Simon Messner and published by . This book was released on 1996 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Efficiency Properties of Rational Expectations Equilibria with Asymmetric Information written by Rohit Rahi and published by . This book was released on 2012 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we provide a characterization of the welfare properties of rational expectations equilibria of economies in which, prior to trading, agents have some information over the realization of uncertainty. We study a model with asymmetrically informed agents, treating symmetric information as a limiting case. Trade takes place in asset markets that may or may not be complete. We show that equilibria are characterized by two forms of inefficiency, price inefficiency and spanning inefficiency, and that generically both of them are present. Price inefficiency arises whenever equilibrium prices reveal some information. It formalizes and generalizes the so-called Hirshleifer effect, by showing that generically an interim Pareto improvement is possible even conditional on the information that is available to agents in equilibrium; the primary source of the inefficiency is a pecuniary externality. Spanning inefficiency, on the other hand, arises if prices are not fully revealing and markets are incomplete relative to the uncertainty faced by agents in equilibrium. In this case, an ex-post improvement can generically be implemented by providing agents with more information, thus expanding their risk-sharing opportunities and reducing informational asymmetries, even though this additional information restricts the set of allocations that are incentive compatible and individually rational.
Download or read book Rational Expectations Equilibrium Cost of Information and Welfare written by Chang-Ho Yoon and published by . This book was released on 1978 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book On the Welfare Analysis of Rational Expectations Equilibria with Asymetric Information written by Jean-Jacques Laffont and published by . This book was released on 1984 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book On the welfare analysis of rational expectations equilibria with asymmetric information written by Jean-Jacques Laffont and published by . This book was released on 1983 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Efficiency Properties of Rational Expectations Equilibria with Asymmetric Information written by Piero Gottardi and published by . This book was released on 2001 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Efficiency Properties of Rational Expectations Equilibria with Asymmetric Information written by Piero Gottardi and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book A Reader s Guide to Rational Expectations written by Deborah A. Redman and published by Edward Elgar Publishing. This book was released on 1992 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book Rational Expectations written by Graham Keith Shaw and published by . This book was released on 1984 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Welfare Property Rights and Economic Policy written by Thomas K. Rymes and published by McGill-Queen's Press - MQUP. This book was released on 1991-05-15 with total page 193 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume celebrates one of Canada's most distinguished social scientists and economics scholars. The book contains four essays, with comments, written to honour Gordon, with reminiscences by friends and colleagues from many universities in Canada and the U.S.
Download or read book Rational Expectations written by Steven M. Sheffrin and published by Cambridge University Press. This book was released on 1996-06-13 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book develops the idea of rational expectations and surveys its use in economics today.
Download or read book Assessing Rational Expectations 2 written by Roger Guesnerie and published by MIT Press. This book was released on 2005-02-18 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Download or read book On the Convergence to Rational Expectations Equilibria written by Partha Gangopadhyay and published by . This book was released on 1996 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Rational Expectations Equilibria Learning and Model Specification written by M. M. Bray and published by . This book was released on 1984 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Constraints and Non existence of Rational Expectations Equilibria written by José M. Marín and published by . This book was released on 1997 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book THE EXISTENCE OF FULLY RATIONAL EXPECTATIONS EQUILIBRIA WITH NOISY PRICE OBSERVATIONS written by Beth ALLEN and published by . This book was released on 1982 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on the Theory of Rational Expectations Equilibrium written by Sanjay Srivastava and published by . This book was released on 1982 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:
