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Shaping Long-Run Expectations In Problems Of Coordination

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Author Info
Fernando Vega Redondo (Instituto Valenciano de Investigaciones Económicas)
Abstract

When far-sighted agents may adjust their behavior only gradually , the issue of equilibrium selection in games becomes one of tension between "history" and "expectations". This paper analyzes whether, in this context, a planner may intervene successfully through short-run policies which redirect expectations away from the inertia of undesired history. The possibilities and limitations of such approach to "expectation management" are studied in a game-theoretic framework where both the planner and the population are involved in a struggle to impose their (credible) commitment possibilities.

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File URL: http://www.ivie.es/downloads/docs/wpasad/wpasad-1993-05.pdf
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Paper provided by Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie) in its series Working Papers. Serie AD with number 1993-05.

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Length: 42 pages
Date of creation: Jul 1993
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Publication status: Published by Ivie
Handle: RePEc:ivi:wpasad:1993-05

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Begoña Subiza & Carmen Herrero Blanco, 1991. "A Characterization Of Acyclic Preferences On Countable Sets," Working Papers. Serie AD 1991-01, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  2. Luis Corchón & Carmen Beviá Baeza, 1993. "On The Generic Impossibility Of Truthful Behavior: A Simple Approach," Working Papers. Serie AD 1993-06, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
  3. Fernando Vega Redondo, 1993. "Industrial Dynamics, Path-Dependence And Technological Change," Working Papers. Serie AD 1993-04, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  4. Antonio Villar Notario, 1991. "Market Equilibrium With Nonconvex Technologies," Working Papers. Serie AD 1991-03, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  5. Gonzalo Olcina Vauteren & Amparo Urbano Salvador, 1993. "INTROSPECTION AND EQUILIBRIUM SELECTION IN 2x2 MATRIX GAMES," Working Papers. Serie AD 1993-01, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  6. Panagariya, Arvind, 1986. "Increasing returns, dynamic stability, and international trade," Journal of International Economics, Elsevier, vol. 20(1-2), pages 43-63, February. [Downloadable!] (restricted)
  7. Fudenberg, Drew & Levine, David, 1983. "Subgame-perfect equilibria of finite- and infinite-horizon games," Journal of Economic Theory, Elsevier, vol. 31(2), pages 251-268, December. [Downloadable!] (restricted)
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  8. Fernando Vega Redondo, 1991. "Competition And Culture In The Evolution Of Economic Behavior: A Simple Example," Working Papers. Serie AD 1991-08, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  9. Herrero, Carmen & Marco, Maria Carmen, 1993. "Rational equal-loss solutions for bargaining problems," Mathematical Social Sciences, Elsevier, vol. 26(3), pages 273-286, November. [Downloadable!] (restricted)
  10. María del Carmen Marco Gil, 1993. "A Characterization Of The Extended Claim-Egalitarian Solution," Working Papers. Serie AD 1993-03, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  11. Akihiko Matsui & Kiminori Matsuyama, 1991. "An Approach to Equilibrium Selection," Discussion Papers 1065, Northwestern University, Center for Mathematical Studies in Economics and Management Science. [Downloadable!]
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  12. Ethier, Wilfred J, 1982. "Decreasing Costs in International Trade and Frank Graham's Argument for Protection," Econometrica, Econometric Society, vol. 50(5), pages 1243-68, September. [Downloadable!] (restricted)
  13. Luis Corchón, 1990. "Monopolistic Competition: Equilibrium And Optimality," Working Papers. Serie AD 1990-05, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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  14. Jovanovic, Boyan & Rosenthal, Robert W., 1988. "Anonymous sequential games," Journal of Mathematical Economics, Elsevier, vol. 17(1), pages 77-87, February. [Downloadable!] (restricted)
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  15. Javier M. López Cuñat & José Angel Silva, 1991. "First-Best, Second-Best And Principal-Agent Problems," Working Papers. Serie AD 1991-02, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  16. Krugman, Paul, 1991. "History versus Expectations," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 651-67, May. [Downloadable!] (restricted)
  17. Luis Corchón & Ignacio Ortuño Ortín, 1991. "Robust Implementation Under Alternative Information Structures," Working Papers. Serie AD 1991-12, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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  18. Howitt, Peter & McAfee, R Preston, 1988. "Stability of Equilibria with Externalities," The Quarterly Journal of Economics, MIT Press, vol. 103(2), pages 261-77, May. [Downloadable!] (restricted)
  19. Fernando Vega Redondo, 1991. "Technological Change And Market Structure: An Evolutionary Approach," Working Papers. Serie AD 1991-10, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  20. Amparo Urbano & María Dolores Alepuz Domenech, 1991. "Duopoly Experimentation: Cournot And Bertrand Competition," Working Papers. Serie AD 1991-07, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Nikolai S. Kukushkin, 1993. "Cournot Oligopoly With "Almost" Identical Convex Costs," Working Papers. Serie AD 1993-07, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  2. Luis Corchón & Carmen Beviá Baeza, 1993. "On The Generic Impossibility Of Truthful Behavior: A Simple Approach," Working Papers. Serie AD 1993-06, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
  3. Begoña Subiza Martínez, 1993. "Numerical Representation Of Acyclic Preferences," Working Papers. Serie AD 1993-09, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  4. Fernando Vega Redondo, 1993. "Industrial Dynamics, Path-Dependence And Technological Change," Working Papers. Serie AD 1993-04, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  5. María Dolores Guilló, 1995. "Terms-Of-Trade And The Current Account: A Two-Country/Two-Sector Growth Model," Working Papers. Serie AD 1995-03, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  6. Carmen Herrero Blanco, 1993. "Endogenous Reference Points And The Adjusted Proportional Solution For Bargaining Problems With Claims," Working Papers. Serie AD 1993-13, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
  7. Luis Corchón & Andreu Mas-Colell, 1995. "A Note On Stability Of Best Reply And Gradient Systems With Applications To Imperfectly Competitive Models," Working Papers. Serie AD 1995-18, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  8. Martín Browning, 1993. "Dual Approaches To Utility," Working Papers. Serie AD 1993-10, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  9. Luis Corchón & Simon Wilkie, 1995. "Implementation Of The Walrasian Correspondence By Market Games," Working Papers. Serie AD 1995-02, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
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  10. Miguel González-Maestre, 1993. "Divisionalization In Markets With Hetergeneous Goods," Working Papers. Serie AD 1993-12, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
  11. José Alcalde, 1995. "Exchange-Proofness or Divorce-Proofness? Stability in One-Sided Matching Markets," Working Papers. Serie AD 1995-04, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie). [Downloadable!]
    Other versions:
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