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Subjective expectations equilibrium in economies with uncertain delivery

  • Correia-da-Silva, João
  • Hervés-Beloso, Carlos

We develop a model of general equilibrium with trade ex ante in a context of private and incomplete state verification. Instead of choosing bundles, agents choose lists of bundles out of which the market then selects one bundle for delivery. With agents having subjective expectations about the bundle that will be delivered, we study existence of a subjective expectations equilibrium.

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Article provided by Elsevier in its journal Journal of Mathematical Economics.

Volume (Year): 44 (2008)
Issue (Month): 7-8 (July)
Pages: 641-650

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Handle: RePEc:eee:mateco:v:44:y:2008:i:7-8:p:641-650
Contact details of provider: Web page: http://www.elsevier.com/locate/jmateco

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  1. Balasko, Yves, 2003. "Economies with price-dependent preferences," Journal of Economic Theory, Elsevier, vol. 109(2), pages 333-359, April.
  2. Yannelis, Nicholas C, 1991. "The Core of an Economy with Differential Information," Economic Theory, Springer, vol. 1(2), pages 183-97, April.
  3. Bernard Cornet & Mihaela Topuzu, 2005. "Existence of equilibria for economies with externalities and a measure space of consumers," Economic Theory, Springer, vol. 26(2), pages 397-421, 08.
  4. João Correia-da-Silva & Carlos Hervés-Beloso, 2009. "Prudent expectations equilibrium in economies with uncertain delivery," Economic Theory, Springer, vol. 39(1), pages 67-92, April.
  5. Radner, Roy, 1979. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Econometrica, Econometric Society, vol. 47(3), pages 655-78, May.
  6. Pollak, Robert A, 1977. "Price Dependent Preferences," American Economic Review, American Economic Association, vol. 67(2), pages 64-75, March.
  7. Hildenbrand, W & Mertens, J F, 1972. "Upper Hemi-Continuity of the Equilibrium-Set Correspondence for Pure Exchange Economies," Econometrica, Econometric Society, vol. 40(1), pages 99-108, January.
  8. Koutsougeras, Leonidas C & Yannelis, Nicholas C, 1993. "Incentive Compatibility and Information Superiority of the Core of an Economy with Differential Information," Economic Theory, Springer, vol. 3(2), pages 195-216, April.
  9. Dionysius Glycopantis & Allan Muir & Nicholas Yannelis, 2005. "Non-implementation of rational expectations as a perfect Bayesian equilibrium," Economic Theory, Springer, vol. 26(4), pages 765-791, November.
  10. Roy Radner, 1997. "Rational Expectations Equilibrium: Generic Existence and the Information Revealed by Prices," Levine's Working Paper Archive 1594, David K. Levine.
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