English, Article, Journal or magazine article edition: Expectational coordination in a class of economic models: Strategic substitutabilities versus strategic complementarities Roger Guesnerie; Pedro Jara-Moroni

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/44243
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Expectational coordination in a class of economic models: Strategic substitutabilities versus strategic complementarities
Author
  • Roger Guesnerie
  • Pedro Jara-Moroni
Physical Description
  • preprint
Notes
  • We consider an economic model that features: 1. a continuum of agents 2. an aggregate state of the world over which agents have an infinitesimal influence. We first propose a review, based on work by Jara (2007), of the connections between the "eductive viewpoint" that puts emphasis on "Strongly Rational Expectations equilibrium" and the standard game-theoretical rationalizability concepts. We explore the scope and limits of this connection depending on whether standard rationalizability versus point-rationalizability, or the local versus the global viewpoint, are concerned. In particular, we define and characterize the set of "Point-Rationalizable States" and prove its convexity. Also, we clarify the role of the heterogeneity of beliefs in general contexts of expectational coordination (see Evans and Guesnerie, 2005). Then, as in the case of strategic complementarities the study of some "best response" mapping is a key to the analysis, in the case of "unambiguous" strategic substitutabilities the study of some second iterate, and of the corresponding two-period cycles, allows to describe the point-rationalizable states. We provide application in microeconomic and macroeconomic contexts.
  • RePEc:pse:psecon:2007-28
Language
  • English
Contributed by
OAIster

Get this edition

Other links

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment