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Expectations Equilibria with Dispersed Information: Existence with Approximate Rationality in a Model with a Continuum of Agents and Finitely Many States of the World

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  • Beth Allen

Abstract

A model of a large economy in which prices transmit information (about the "state of the world" which is an argument in consumers' utility functions) from more informed to less informed agents is analysed. The basic hypothesis is that the forecast functions of imperfectly informed agents are suitably dispersed. For any such distribution of forecasts, market clearing prices exist. Moreover, there is always an equilibrium in which each agent's expectations are approximately rational.

Suggested Citation

  • Beth Allen, 1983. "Expectations Equilibria with Dispersed Information: Existence with Approximate Rationality in a Model with a Continuum of Agents and Finitely Many States of the World," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 50(2), pages 267-285.
    • Handle: RePEc:oup:restud:v:50:y:1983:i:2:p:267-285.
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    File URL: http://hdl.handle.net/10.2307/2297416
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    Cited by:

    1. Barbie, Martin & Gupta, Abhishek, 2014. "The topology of information on the space of probability measures over Polish spaces," Journal of Mathematical Economics, Elsevier, vol. 52(C), pages 98-111.
    2. Van Zandt, Timothy, 2002. "Information, measurability, and continuous behavior," Journal of Mathematical Economics, Elsevier, vol. 38(3), pages 293-309, November.

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