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Rational Expectations Equilibrium in Economies with Uncertain Delivery

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Author Info

  • Joao Correia-da-Silva

    ()
    (CEMPRE, Faculdade de Economia, Universidade do Porto)

  • Carlos Hervés-Beloso

    ()
    (RGEA. Facultad de Económicas. Universidade de Vigo.)

Abstract

In economies with uncertain delivery, objects of choice are lists of bundles instead of bundles. Agents trade their endowments for lists, and it is the market that selects one of the bundles in the list for actual delivery. Knowledge of the selection mechanism allows agents to predict the bundle that is to be selected in each state of nature. A small but informed agent is introduced in the economy in order to guarantee existence of a rational expectations equilibrium.

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File URL: http://www.fep.up.pt/investigacao/workingpapers/06.03.19_WP206_joaoherves.pdf
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Bibliographic Info

Paper provided by Universidade do Porto, Faculdade de Economia do Porto in its series FEP Working Papers with number 206.

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Length: 22 pages
Date of creation: Mar 2006
Date of revision:
Handle: RePEc:por:fepwps:206

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Keywords: General equilibrium; Private information; Uncertain delivery; Rationalexpectations; Options; Default.;

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  1. Edward C Prescott & Robert M Townsend, 2010. "Pareto Optima and Competitive Equilibria With Adverse Selection and Moral Hazard," Levine's Working Paper Archive 2069, David K. Levine.
  2. João Correia-da-Silva & Carlos Hervés-Beloso, 2006. "Prudent Expectations Equilibrium in Economies with Uncertain Delivery," Levine's Bibliography 321307000000000099, UCLA Department of Economics.
  3. Joao Correia-da-Silva & Carlos Hervés-Beloso, 2005. "Subjective Expectations Equilibrium in Economies with Uncertain Delivery," FEP Working Papers 190, Universidade do Porto, Faculdade de Economia do Porto.
  4. Balasko, Yves, 2003. "Economies with price-dependent preferences," Journal of Economic Theory, Elsevier, vol. 109(2), pages 333-359, April.
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Cited by:
  1. João Correia-da-Silva & Carlos Hervés-Beloso, 2006. "Prudent Expectations Equilibrium in Economies with Uncertain Delivery," Levine's Bibliography 321307000000000099, UCLA Department of Economics.

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