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Asymmetric Information and Rationalizability
Desgranges, Gabriel; Gauthier, Stéphane - HAL - 2013
We study how asymmetric information affects the set of rationalizable solutions in a linear setup where the outcome is determined by forecasts about this same outcome. The unique rational expectations equilibrium is also the unique rationalizable solution when the sensitivity of the outcome to...
Persistent link: https://www.econbiz.de/10010775838
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Asymmetric Information and Rationalizability
Desgranges, Gabriel; Gauthier, Stéphane - HAL - 2013
We study how asymmetric information affects the set of rationalizable solutions in a linear setup where the outcome is determined by forecasts about this same outcome. The unique rational expectations equilibrium is also the unique rationalizable solution when the sensitivity of the outcome to...
Persistent link: https://www.econbiz.de/10010821524
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Privileged information exacerbates market volatility
Desgranges, Gabriel; Gauthier, Stéphane - HAL - 2011
We study how asymmetric information affects market volatility in a linear setup where the outcome is determined by forecasts about this same outcome. The unique rational expectations equilibrium will be stable when it is the only rationalizable solution. It has been established in the literature...
Persistent link: https://www.econbiz.de/10010635137
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Price revelation and existence of equilibrium in a private belief economy
Boisdeffre, Lionel De - HAL - 2013
prices. At a sequential equilibrium, all agents expect the "true" price as a possible outcome and elect optimal strategies at …
Persistent link: https://www.econbiz.de/10011025840
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Asymmetric Information and Rationalizability
Desgranges, Gabriel; Gauthier, Stéphane - HAL - 2013
We study how asymmetric information affects the set of rationalizable solutions in a linear setup where the outcome is determined by forecasts about this same outcome. The unique rational expectations equilibrium is also the unique rationalizable solution when the sensitivity of the outcome to...
Persistent link: https://www.econbiz.de/10011025881
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Expectational coordination in a class of economic models: Strategic substitutabilities versus strategic complementarities
Guesnerie, Roger; Jara-Moroni, Pedro - HAL - 2007
We consider an economic model that features: 1. a continuum of agents 2. an aggregate state of the world over which agents have an infinitesimal influence. We first propose a review, based on work by Jara (2007), of the connections between the eductive viewpoint that puts emphasis on Strongly...
Persistent link: https://www.econbiz.de/10010738797
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Rationalizability in games with a continuum of players
Jara-Moroni, Pedro - HAL - 2008
The concept of Rationalizability has been used in the last fifteen years to study stability of equilibria on models with continuum of players such as standard competitive markets, macroeconomic dynamics and currency attacks. However, Rationalizability has been formally defined in a general...
Persistent link: https://www.econbiz.de/10010739044
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Expectational coordination in simple economic contexts: concepts and analysis with emphasis on strategic substitutabilities.
Guesnerie, Roger; Jara-Moroni, Pedro - HAL - 2009
We consider an economic model that features : 1. a continuum of agents 2. an aggregate state of the world over which agents have an infinitesimal influence. We first review the connections between the eductive viewpoint that puts emphasis for example on strongly rational expectations equilibrium...
Persistent link: https://www.econbiz.de/10010739080
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Are the antiglobalists right? Gains-from-trade without a walrasian auctioneer
Pardo, Hector Calvo - HAL - 2005
framework, we show that the existence of standard efficiency gains - due to the increase in competition (or spatial price … stabilization) - is traded-off against coordination upon the welfare enhancing free-trade equilibrium (stabilizing price … expectations). Therefore, we identify a new rationale for an exogenous price intervention in open economy targeting coordination …
Persistent link: https://www.econbiz.de/10010739089
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Nominal Uniqueness and Money Non-neutrality in the Limit-Price Exchange Process
Giraud, Gaël; Tsomocos, Dimitrios P. - HAL - 2010
game involving a double-auction with limit-price orders. Money has a positive value except on optimal rest-points where it … becomes a "veil" and trade vanishes. Typically, there is a peicewise globally unique trade-ant-price curve both in real and in …
Persistent link: https://www.econbiz.de/10010603678