Muestra métricas de impacto externas asociadas a la publicación. Para mayor detalle:
| Indexado |
|
||||
| DOI | 10.1007/S00199-010-0556-8 | ||||
| Año | 2011 | ||||
| Tipo | artículo de investigación |
Citas Totales
Autores Afiliación Chile
Instituciones Chile
% Participación
Internacional
Autores
Afiliación Extranjera
Instituciones
Extranjeras
We consider an economic model that features (1) a continuum of agents and (2) an aggregate state of the world over which agents have an infinitesimal influence. We first review the connections between the "eductive" viewpoint on expectational stability and standard game-theoretical rationalizability concepts. The "eductive" reasoning selects different plausible beliefs that are a priori, and possibly a posteriori, "diverse". Such beliefs are associated with the sets of "Cobweb tA cent tonnement" outcomes, "Rationalizable States" and "Point-Rationalizable States" (the latter two being shown to be convex). In the case where our model displays strategic complementarities, unsurprisingly, all our "eductive" criteria support similar conclusions, particularly when the equilibrium is unique. With strategic substitutabilities, the success of expectational coordination, in the case where a unique equilibrium does exists, relates with the absence of cycles of order 2 of the "Cobweb" mapping: in this case, full expectational coordination would be achieved. However, when cycles of order 2 do exist, our different criteria predict larger sets of outcomes, although all tied with cycles. Under differentiability assumptions, the Poincar,aEuro"Hopf method leads to other global stability results. At the local level, the different criteria under scrutiny can be adapted. They lead to the same expectational stability conclusions, only when there are local strategic complementarities or strategic substitutabilities. However, for the local stability analysis, it is demonstrated that the stochastic character of expectations can most often be forgotten.
| Ord. | Autor | Género | Institución - País |
|---|---|---|---|
| 1 | Guesnerie, Roger | Hombre |
Paris Sch Econ - Francia
Coll France - Francia Ecole d’Économie de Paris - Francia Collège de France - Francia |
| 2 | Jara-Moroni, Pedro | Hombre |
Universidad de Santiago de Chile - Chile
|
| Fuente |
|---|
| Universidad de Chile |
| Departamento de Investigaciones Científicas y Tecnológicas, Universidad de Santiago de Chile |
| Instituto de Sistemas Complejos de Ingeniería |
| Ministère des Affaires Etrangères |
| Fondation du Collège de France |
| Agradecimiento |
|---|
| Jara-Moroni gratefully acknowledges financial support from Centro de Modelamiento Matem ático and Departamento de Ingeniería Matem ática of Universidad de Chile, Instituto Sistemas Complejos de Ingeniería (ICM: P-05-004-F), Collège de France, French Ministry of Foreign Affairs and DICYT project 031062JM. We thank Jess Benhabib, Juan Carluccio, Christophe Chamley, Gabriel Desgranges, Georges Evans, Stéphane Gauthier, Sayantan Ghosal, Ali Khan, Bruno Strulovici and Olivier Tercieux for helpful comments on previous versions of this article. We would like to thank as well the audiences at the IESE Conference on Complementarities and Information and at the Stanford Institute for Theoretical Economics Workshop Segment 8: When Are Diverse Beliefs Central?. We are also grateful to an anonymous referee for his careful reading and discussion of the paper and for his suggestions. |