Endogenous differential information
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- 作者：Sebastián Cea-Echenique ; Carlos Hervés-Beloso…
- 关键词：Endogenous differential information ; Restricted participation ; Rational expectations equilibrium ; Incomplete markets
- 刊名：Economic Theory
- 出版年：2017
- 出版时间：January 2017
- 年：2017
- 卷：63
- 期：1
- 页码：51-72
- 全文大小：
- 刊物类别：Business and Economics
- 刊物主题：Economic Theory/Quantitative Economics/Mathematical Methods; Game Theory, Economics, Social and Behav. Sciences; Microeconomics; Public Finance;
- 出版者：Springer Berlin Heidelberg
- ISSN：1432-0479
- 卷排序：63
文摘
We include endogenous differential information in a model with sequential trade and incomplete financial participation. Agents update information through market signals given by commodity prices and asset deliveries. Information acts over admissible strategies and consumption tastes, allowing discontinuities in preferences and choice sets. Therefore, equilibrium may cease to exist. However, internalizing the compatibility between information and consumption through preferences, and without requiring either financial survival assumptions or fully revealing prices, equilibrium existence can be ensured.