Reappraising Fix-Point Formalizations of Rational Expectations Equilibria

K. Vela Velupillai
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K. Vela Velupillai: Department of Economics, National University of Ireland, Galway

No 96, Working Papers from National University of Ireland Galway, Department of Economics

Abstract: The paper begins with a brief introduction to the origins of the tradition of formalizing the determination of a rational expectations equilibrium using topological fix points. It is then suggested that fidelity to the twin economic conceptual bases of rational expectations - self-reference and infinite regress - are not encapsulated in the topological formalism. To remedy this defect, a recursion theoretic formalism for modelling rational expectations equilibria is developed.

Keywords: Rational expectations equilibria; Topological fix-points; Recursion theoretic fix-points; Self-reference; Infinite regress (search for similar items in EconPapers)
JEL-codes: C62 C69 D84 (search for similar items in EconPapers)
Date: 2005, Revised 2005
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