Informational efficiency properties of rational expectations equilibria in non-convex economies |
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Authors: | Giulio Seccia |
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Institution: | (1) Brunel University, Department of Economics and Finance, Uxbridge Middlesex, UB8 3PH, UK (e-mail: giulio.seccia@brunel.ac.uk) , GB |
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Abstract: | Summary. A simple example shows that although non-convexities might prevent the existence of a fully revealing rational expectations
equilibrium, they need not prevent the existence of a non-informative one. Indeed, the economy in this example does not possess
any fully revealing equilibria, but does have a continuum of non-informative ones.
Received: February 9, 1999; revised version: October 20, 1999 |
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Keywords: | and Phrases:Asymmetric information Non-convex economies |
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