Informational efficiency properties of rational expectations equilibria in non-convex economies

Giulio Seccia ()
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Giulio Seccia: Brunel University, Department of Economics and Finance, Uxbridge Middlesex, UB8 3PH, UK

Economic Theory, 2000, vol. 16, issue 2, 323-332

Abstract: A simple example shows that although non-convexities might prevent the existence of a fully revealing rational expectations equilibrium, they need not prevent the existence of a non-informative one. Indeed, the economy in this example does not possess any fully revealing equilibria, but does have a continuum of non-informative ones.

Keywords: Asymmetric information; Non-convex economies. (search for similar items in EconPapers)
JEL-codes: D52 D82 G14 (search for similar items in EconPapers)
Date: 2000-07-14
Note: Received: February 9, 1999; revised version: October 20, 1999
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