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Eductive stability in sequential exchange economies: an introduction

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  • Roger Guesnerie
  • Hector Calvo Pardo

Abstract

This paper provides a survey of results concerning "eductive stability" of equilibrium in an abstract 2-period exchange economy. "Eductive stability" is based on the Common Knowledge considerations underlying the work reported in the book "Assessing rational expectations: "eductive" stability in economics" from which this paper is a chapter. "Iteratively Expectational stability" is a necessary condition of "eductive stability": conditions for IE stability as well as for local "eductive stability" are provided and discussed: these conditions stress a key role for the income effects of savings decisions as well as for their sensitivity to relative prices tomorrow.

Suggested Citation

  • Roger Guesnerie & Hector Calvo Pardo, 2004. "Eductive stability in sequential exchange economies: an introduction," DELTA Working Papers 2004-24, DELTA (Ecole normale supérieure).
    • Handle: RePEc:del:abcdef:2004-24
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