Existence, incentive compatibility and efficiency of the rational expectations equilibrium
نویسندگان
چکیده
منابع مشابه
Existence, incentive compatibility and efficiency of the rational expectations equilibrium
The rational expectations equilibrium (REE), as introduced in Radner (1979) in a general equilibrium setting à la Arrow-Debreu-Mckenzie, often fails to have normative properties such as universal existence, incentive compatibility and efficiency. We resolve those problems by providing a new model which makes the standard REE a desirable solution concept. In particular, we consider an asymmetric...
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ژورنال
عنوان ژورنال: Games and Economic Behavior
سال: 2012
ISSN: 0899-8256
DOI: 10.1016/j.geb.2012.05.006