Information at equilibrium
AbstractIn a game with rational expectations, individuals simultaneously refine their information with the information revealed by the strategies of other individuals. At a Nash equilibrium of a game with rational expectations, the information of individuals is essentially symmetric: the same profile of strategies is also an equilibrium of a game with symmetric information; and strategies are common knowledge. If each player has a veto act, which yields a minimum payoff that no other profile of strategies attains, then the veto profile is the only Nash equilibrium, and it is is an equilibrium with rational expectations and essentially symmetric information; which accounts for the impossibility of speculation. Copyright Springer-Verlag Berlin Heidelberg 2003
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Bibliographic InfoArticle provided by Springer in its journal Economic Theory.
Volume (Year): 21 (2003)
Issue (Month): 2 (03)
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Other versions of this item:
- MINELLI, Enrico & POLEMARCHAKIS, Heracles, 2000. "Information at equilibrium," CORE Discussion Papers 2000004, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Enrico Minelli & Herakles Polemarchakis, 2001. "Information at Equilibrium," Working Papers 2001-27, Brown University, Department of Economics.
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
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