Rational expectations equilibria in sequence economies with symmetric information: The two-period case

被引:9
作者
Hellwig, M [1 ]
机构
[1] HARVARD UNIV,DEPT ECON,CAMBRIDGE,MA 02138
关键词
rational expectations equilibrium; support prices; sequence economics;
D O I
10.1016/0304-4068(95)00741-5
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper proves the existence and upper hemi-continuity of rational expectations equilibria in two-period sequence economies with symmetric information when the state space is uncountable. The argument involves a closed-graph property of the relation linking first-period allocations to support prices that can be rationalized by expectations of state-contingent, second-period prices corresponding to some temporary equilibrium for the given first-period allocation.
引用
收藏
页码:9 / 49
页数:41
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