Functional sunspot equilibria
نویسندگان
چکیده
منابع مشابه
Functional Sunspot Equilibria
Consider a one step forward looking model where agents have beliefs about the law of motion of the system, and their forecast for the next period is made with knowledge of the past values of the state variable but not the current value, and is allowed to depend on the current realization of an extrinsic random process. The paper provides (and characterizes) the conditions for the existence of s...
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A sunspot equilibrium (SSE) is based on some extrinsic randomizing device (RD). We analyze the robustness of SSE. (1) We say that an SSE allocation is robust to refinements if it is also an SSE allocation based on any refinement of its RD. (2) We introduce two core concepts for analyzing the robustness of SSE in the face of cooperative-coalition formation. In the first, the blocking allocations...
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A new class of near-rational sunspot equilibria is identified in economies expressed as non-linear forward-looking models. The new equilibria are natural extensions of the usual sunspot equilibria associated to the linearized version of the economy, and are near-rational in that agents use the optimal linear forecasting model when forming expectations. A generic existence result is established....
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ژورنال
عنوان ژورنال: Journal of Mathematical Economics
سال: 2006
ISSN: 0304-4068
DOI: 10.1016/j.jmateco.2005.07.001