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This paper analyzes farsighted stability when agents have heterogeneous expectations over the dominance paths. We consider expectation functions satisfying the two properties of justifiability and maximality and define stable alternatives as unique stationary points of the expectation function...
Persistent link: https://www.econbiz.de/10012868985
This paper explores two perspectives on the rational expectations hypothesis. One perspective is that of economic agents in such a model, who form inferences about the future using probabilities implied by the model. The other is that of an econometrician who makes inferences about the...
Persistent link: https://www.econbiz.de/10012777453
This paper analyzes farsighted stable sets when agents have heterogeneous expectations over the dominance paths. We consider expectation functions satisfying two properties of path-persistence and consistency. We show that farsighted stable sets with heterogeneous expectations always exist and...
Persistent link: https://www.econbiz.de/10012952689
This paper analyzes farsighted stable sets when agents have heterogeneous expectations over the dominance paths. We consider expectation functions satisfying two properties of path-persistence and consistency. We show that farsighted stable sets with heterogeneous expectations always exist and...
Persistent link: https://www.econbiz.de/10012959123
This paper analyzes farsighted stable sets when agents have heterogeneous expectations over the dominance paths. We consider expectation functions satisfying the two properties of justifiability and maximality and define stable alternatives as endpoints of the expectation function of some agent...
Persistent link: https://www.econbiz.de/10012908739
This paper analyzes farsighted stable sets when agents have heterogeneous expectations over the dominance paths. We consider expectation functions satisfying two properties of justifiability and maximality. We characterize singleton farsighted stable sets with heterogeneous expectations in...
Persistent link: https://www.econbiz.de/10012927833