Rational expectations equilibria: existence and representation
Anuj Bhowmik and
Jiling Cao
Economic Theory Bulletin, 2016, vol. 4, issue 2, No 18, 367-386
Abstract:
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 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: D50 D51 D82 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1007/s40505-016-0103-2
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