We investigate a quantitative Aumann's Agreement Theorem and provide a generalization of the characterization in Arieli et al. (2021) from binary state spaces to arbitrary finite state spaces. Using a network flow approach, we show that the cut condition for a feasible multiflow problem gives...

We study equilibrium determination in an environment where two kinds of agents have different information sets: The fully informed agents know the structure of the model and observe histories of all exogenous and endogenous variables. The less informed agents observe only a strict subset of the...

The purpose of this paper is to investigate the microfoundations of how non-experts' (or general public) form inflation expectations. Using a unique dataset we investigate the range of near rational inflation expectations. An important contribution to understanding how non-experts form their...