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Reappraising Fix-Point Formalizations of Rational Expectations Equilibria

Author

Listed:
  • K. Vela Velupillai

    (Department of Economics, National University of Ireland, Galway)

Abstract

The paper begins with a brief introduction to the origins of the tradition of formalizing the determination of a rational expectations equilibrium using topological fix points. It is then suggested that fidelity to the twin economic conceptual bases of rational expectations - self-reference and infinite regress - are not encapsulated in the topological formalism. To remedy this defect, a recursion theoretic formalism for modelling rational expectations equilibria is developed.

Suggested Citation

  • K. Vela Velupillai, 2005. "Reappraising Fix-Point Formalizations of Rational Expectations Equilibria," Working Papers 0096, National University of Ireland Galway, Department of Economics, revised 2005.
    • Handle: RePEc:nig:wpaper:0096
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    File URL: http://www.economics.nuig.ie/resrch/paper.php?pid=103
    File Function: First version, 2005
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    File URL: http://www.economics.nuig.ie/resrch/paper.php?pid=103
    File Function: Revised version, 2005
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    More about this item

    Keywords

    Rational expectations equilibria; Topological fix-points; Recursion theoretic fix-points; Self-reference; Infinite regress;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • C69 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Other
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations

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