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Alpha-consistent expectations equilibria

Crespo Cuaresma, Jesus and Sorger, Gerhard (1999) Alpha-consistent expectations equilibria. Working Papers SFB "Adaptive Information Systems and Modelling in Economics and Management Science", 33. SFB Adaptive Information Systems and Modelling in Economics and Management Science, WU Vienna University of Economics and Business, Vienna.

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Abstract

We modify the concept of consistent expectations equilibria introduced in Hommes and Sorger (1998) in two ways: (i) the consistency condition requires that the probability that the agents reject their perceived law of motion in any period does not exceed a given level and (ii) there may exist exogenous stochastic shocks. The concept is illustrated by two examples using a linear economic system. In one of the examples consistency implies rational expectations, in the other example it does not. (authors' abstract)

Item Type: Paper
Keywords: rationale Erwartung / Gleichgewichtsmodell
Divisions: Departments > Finance, Accounting and Statistics > Statistics and Mathematics
Departments > Informationsverarbeitung u Prozessmanag. > Informationswirtschaft
Departments > Informationsverarbeitung u Prozessmanag. > Produktionsmanagement > Taudes
Departments > Marketing > Service Marketing und Tourismus
Depositing User: Repository Administrator
Date Deposited: 04 Mar 2002 14:06
Last Modified: 02 Apr 2015 15:08
URI: http://epub.wu.ac.at/id/eprint/1782

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