Introduction to the stability of rational expectations equilibrium
dc.contributor.author | Blume, Lawrence E. | en_US |
dc.contributor.author | Bray, M. M. | en_US |
dc.contributor.author | Easley, David | en_US |
dc.date.accessioned | 2006-04-07T17:53:19Z | |
dc.date.available | 2006-04-07T17:53:19Z | |
dc.date.issued | 1982-04 | en_US |
dc.identifier.citation | Blume, L. E., Bray, M. M., Easley, D. (1982/04)."Introduction to the stability of rational expectations equilibrium." Journal of Economic Theory 26(2): 313-317. <http://hdl.handle.net/2027.42/24021> | en_US |
dc.identifier.uri | http://www.sciencedirect.com/science/article/B6WJ3-4CYG9X5-C7/2/24f87a5884aa4aefcb32204c16e24ddb | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/24021 | |
dc.description.abstract | This paper surveys the literature which examines the stability of the expectations that agents are assumed to have in a rational expectations equilibrium (REE). This issue is more complex than the usual statistical estimation problem because the relationship between observable variables and payoff relevant variables is endogenous. One approach taken in the literature yields convergence to a REE but requires agents to have extensive knowledge about the structure and dynamics of the model that prevails while they learn. A second approach does not assume that agents have correctly specified likelihood functions and finds that REE may not be stable. | en_US |
dc.format.extent | 375286 bytes | |
dc.format.extent | 3118 bytes | |
dc.format.mimetype | application/pdf | |
dc.format.mimetype | text/plain | |
dc.language.iso | en_US | |
dc.publisher | Elsevier | en_US |
dc.title | Introduction to the stability of rational expectations equilibrium | en_US |
dc.type | Article | en_US |
dc.rights.robots | IndexNoFollow | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.description.peerreviewed | Peer Reviewed | en_US |
dc.contributor.affiliationum | Department of Economics, University of Michigan, Ann Arbor, Michigan 48109, USA | en_US |
dc.contributor.affiliationother | Faculty of Economics and Politics, Cambridge University, Cambridge CB39DD, England | en_US |
dc.contributor.affiliationother | Department of Economics, Cornell University, Ithaca, New York 14853, USA | en_US |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/24021/1/0000270.pdf | en_US |
dc.identifier.doi | http://dx.doi.org/10.1016/0022-0531(82)90006-0 | en_US |
dc.identifier.source | Journal of Economic Theory | en_US |
dc.owningcollname | Interdisciplinary and Peer-Reviewed |
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