Showing 1 - 10 of 16
Persistent link: https://www.econbiz.de/10001732878
Persistent link: https://www.econbiz.de/10001974022
Persistent link: https://www.econbiz.de/10003133346
We introduce a new notion of rational expectations equilibrium (REE) called maximin rational expectations equilibrium (MREE), which is based on the maximin expected utility (MEU) formulation. In particular, agents maximize maximin expected utility conditioned on their own private information and...
Persistent link: https://www.econbiz.de/10009237150
Persistent link: https://www.econbiz.de/10009373481
Persistent link: https://www.econbiz.de/10010239148
Persistent link: https://www.econbiz.de/10009785963
We show that a rational expectations equilibrium need not be incentive compatible, need not be implementable as a perfect Bayesian equilibrium and may not be fully Pareto optimal, unless the utility functions are state independent. A comparison of rational expectations equilibria with core...
Persistent link: https://www.econbiz.de/10009728179
Persistent link: https://www.econbiz.de/10009685941
Persistent link: https://www.econbiz.de/10010342735