Expectations equilibrium and informational efficiency for stochastic environments

J. S. Jordan

Research output: Contribution to journalArticle

9 Scopus citations

Abstract

This paper studies the existence of expectations equilibria for message processes on stochastic exchange environments. A message process which permits the general existence of expectations equilibria is termed admissible. The main results are: (1) Every admissible process satisfies a weakened version of the Hurwicz "privacy" condition. (2) The competitive process is admissible, and has a message space of locally minimal size among admissible nonwasteful processes. (3) The only admissible condensations of the competitive process are constant functions.

Original languageEnglish (US)
Pages (from-to)354-372
Number of pages19
JournalJournal of Economic Theory
Volume16
Issue number2
DOIs
StatePublished - Dec 1977

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics

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