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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.)

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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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Publisher 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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Related research
Keywords: General equilibrium Private information Uncertain delivery Rationalexpectations Options Default.

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Find related papers by JEL classification:
C62 - Mathematical and Quantitative Methods - - Mathematical Methods and Programming - - - Existence and Stability Conditions of Equilibrium
D51 - Microeconomics - - General Equilibrium and Disequilibrium - - - Exchange and Production Economies
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information

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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. Balasko, Yves, 2003. "Economies with price-dependent preferences," Journal of Economic Theory, Elsevier, vol. 109(2), pages 333-359, April. [Downloadable!] (restricted)
  2. Joao Correia-da-Silva & Carlos Hervés-Beloso, 2006. "Prudent Expectations Equilibrium in Economies with Uncertain Delivery," FEP Working Papers 216, Universidade do Porto, Faculdade de Economia do Porto. [Downloadable!]
    Other versions:
  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. [Downloadable!]
    Other versions:
  4. Prescott, Edward C & Townsend, Robert M, 1984. "Pareto Optima and Competitive Equilibria with Adverse Selection and Moral Hazard," Econometrica, Econometric Society, vol. 52(1), pages 21-45, January. [Downloadable!] (restricted)
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