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Rationalité approchée et équilibre à prix fixes

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  • Picard, Pierre

    (Université de Paris X-Nanterre)

Abstract

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.

Suggested Citation

  • Picard, Pierre, 1992. "Rationalité approchée et équilibre à prix fixes," L'Actualité Economique, Société Canadienne de Science Economique, vol. 68(1), pages 127-139, mars et j.
  • Handle: RePEc:ris:actuec:v:68:y:1992:i:1:p:127-139
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    References listed on IDEAS

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    1. Frank Hahn, 1978. "On Non-Walrasian Equilibria," Review of Economic Studies, Oxford University Press, vol. 45(1), pages 1-17.
    2. George A. Akerlof & Janet L. Yellen, 1985. "A Near-Rational Model of the Business Cycle, with Wage and Price Inertia," The Quarterly Journal of Economics, Oxford University Press, vol. 100(Supplemen), pages 823-838.
    3. Laroque, Guy, 1978. "The Fixed Price Equilibria: Some Results in Local Comparative Statics," Econometrica, Econometric Society, vol. 46(5), pages 1127-1154, September.
    4. Jean-Pascal Benassy, 1976. "The Disequilibrium Approach to Monopolistic Price Setting and General Monopolistic Equilibrium," Review of Economic Studies, Oxford University Press, vol. 43(1), pages 69-81.
    5. Blanchard, Olivier Jean & Kiyotaki, Nobuhiro, 1987. "Monopolistic Competition and the Effects of Aggregate Demand," American Economic Review, American Economic Association, vol. 77(4), pages 647-666, September.
    6. Dreze, Jacques H, 1975. "Existence of an Exchange Equilibrium under Price Rigidities," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 16(2), pages 301-320, June.
    7. Green, Jerry & Laffont, Jean-Jacques, 1981. "Disequilibrium dynamics with inventories and anticipatory price-setting," European Economic Review, Elsevier, vol. 16(1), pages 199-221.
    8. John, Reinhard, 1985. " A Remark on Conjectural Equilibria," Scandinavian Journal of Economics, Wiley Blackwell, vol. 87(1), pages 137-141.
    9. Laroque, Guy & Polemarchakis, Heraklis, 1978. "On the structure of the set of fixed price equilibria," Journal of Mathematical Economics, Elsevier, vol. 5(1), pages 53-69, March.
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    Cited by:

    1. Buda, Rodolphe, 1994. "La modélisation macroéconomique comme processus de communication : pour une formalisation finaliste des équations de comportement," MPRA Paper 3995, University Library of Munich, Germany, revised May 1997.

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