Implementation of maximin rational expectations equilibrium

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• 作者：Zhiwei Liu
• 关键词：Maximin preferences ; Maximin rational expectations equilibrium ; Maximin equilibrium ; Implementation
• 刊名：Economic Theory
• 出版年：2016
• 出版时间：October 2016
• 年：2016
• 卷：62
• 期：4
• 页码：813-837
• 全文大小：647 KB
• 刊物类别：Business and Economics
• 刊物主题：Economics
  Economic Theory
  Economics
  Analysis
  
• 出版者：Springer Berlin / Heidelberg
• ISSN：1432-0479
• 卷排序：62

文摘

We study the implementation of maximin rational expectations equilibrium (MREE). When each agent’s interim information is only his private signal, we show that each non-revealing MREE is implementable. This is not true for a partially revealing MREE or a fully revealing MREE. However, if each agent learns both his private signal and the market price in the interim, then each partially revealing and fully revealing MREE is implementable.