Rational Expectations Equilibria: Existence and Representation

Anuj Bhowmik and Jiling Cao

MPRA Paper from University Library of Munich, Germany

Abstract: In this paper, we continue to explore the equilibrium theory under ambiguity. For a model of a pure exchange and asymmetric information economy with a measure space of agents whose exogenous uncertainty is described by a complete probability space, we establish a representation theorem for a Bayesian or maximin rational expectations equilibrium allocation in terms of a state-wise Walrasian equilibrium allocation. This result also strengthens the theorems on the existence and representation of a (Bayesian) rational expectations equilibrium or a maximin rational expectations equilibrium in the literature.

Keywords: Asymmetric information; Bayesian rational expectations equilibrium; Maximin rational expectations equilibrium; Pure exchange economy; Walrasian equilibrium. (search for similar items in EconPapers)
JEL-codes: D51 D82 (search for similar items in EconPapers)
Date: 2015-03-24
New Economics Papers: this item is included in nep-mic and nep-upt
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Related works:
Journal Article: Rational expectations equilibria: existence and representation (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:63196

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