[1975] and Radner [1979] equilibrium always existed in this model, as long as agents' anticipations precluded arbitrage. The …

signals, form private anticipations and face an "exogenous uncertainty", on the future state, and an "endogenous uncertainty … heuristic example, why changing anticipations may alter equilibrium prices and allocations, explain bubbles or crashes on … markets at equilibrium, or preclude any perfect price foresight. The second paper shows that correct anticipations need always …