The generic existence of rational expectations equilibrium in the higher dimensional case

J. S. Jordan

Research output: Contribution to journalArticlepeer-review

27 Scopus citations

Abstract

The study of the generic existence of rational expectations equilibrium has concentrated on three cases, according to whether the space of "states of private information" has dimension less than, equal to, or greater than the price space. Previous results have shown that in the first case fully revealing equilibria exist generically and in the second case there are open sets of environments with no equilibrium. This paper shows that in the third case there is a residual set of environments which permits equilibria which are arbitrarily close to fully revealing.

Original languageEnglish (US)
Pages (from-to)224-243
Number of pages20
JournalJournal of Economic Theory
Volume26
Issue number2
DOIs
StatePublished - Apr 1982

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics

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