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Rational Learning and Rational Expectations

In: Arrow and the Ascent of Modern Economic Theory

Author

Listed:
  • Margaret Bray
  • David M. Kreps

Abstract

Much recent work in the economics of information has stemmed from the observation that demand functions, and therefore prices, reflect agents’ private information. Given an adequate understanding of the relationship between private information and equilibrium prices, it is possible to infer some or all of the private information. It seems natural to suppose, therefore, that agents will endeavour to use the information contained in equilibrium prices.

Suggested Citation

  • Margaret Bray & David M. Kreps, 1987. "Rational Learning and Rational Expectations," Palgrave Macmillan Books, in: George R. Feiwel (ed.), Arrow and the Ascent of Modern Economic Theory, chapter 19, pages 597-625, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07239-2_19
    DOI: 10.1007/978-1-349-07239-2_19
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