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Rationalité approchée et équilibre à prix fixes

Listed author(s):
  • Picard, Pierre

    (Université de Paris X-Nanterre)

This paper investigates the consequences of the near-rationality assumption of Akerlof and Yellen, in the framework of the theory of fixed price equilibria with quantity rationing. We consider an economy with monetary transitory shocks where prices remain fixed at the expected walrasian equilibrium. Agents have conjectures about the prices at which trades can be realized. We show that, at the fixed price equilibria, the agents' behaviour is near-rational for all possible conjectures. More precisely, the individual welfare gains that agents expect to be able to realize by modifying prices is second order with respect to shocks. Simultaneously, the shocks exert first order effects on realized trades. Cet article examine les conséquences de l’hypothèse de rationalité approchée de Akerlof et Yellen, dans le cadre de la théorie des équilibres à prix fixes avec rationnements. Nous envisageons une économie soumise à des chocs monétaires transitoires où les prix restent fixés au niveau walrasien anticipé. Les agents forment des conjectures qui définissent les prix auxquels ils pensent pouvoir réaliser les échanges. Nous montrons que, quelles que soient ces conjectures, à l’équilibre à prix fixes le comportement des agents est approximativement rationnel : plus précisément, le gain individuel que les agents anticipent pouvoir réaliser en modifiant les prix est du second ordre par rapport aux chocs. Simultanément, ces chocs ont des effets du premier ordre sur les échanges réalisés.

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Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 68 (1992)
Issue (Month): 1 (mars et juin)
Pages: 127-139

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Handle: RePEc:ris:actuec:v:68:y:1992:i:1:p:127-139
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