Expectations equilibrium and informational efficiency for stochastic environments

J. S. Jordan

doi:10.1016/0022-0531(77)90013-8

Expectations equilibrium and informational efficiency for stochastic environments

J. S. Jordan

Economics

Research output: Contribution to journal › Article › peer-review

9 Scopus citations

Abstract

This paper studies the existence of expectations equilibria for message processes on stochastic exchange environments. A message process which permits the general existence of expectations equilibria is termed admissible. The main results are: (1) Every admissible process satisfies a weakened version of the Hurwicz "privacy" condition. (2) The competitive process is admissible, and has a message space of locally minimal size among admissible nonwasteful processes. (3) The only admissible condensations of the competitive process are constant functions.

Original language	English (US)
Pages (from-to)	354-372
Number of pages	19
Journal	Journal of Economic Theory
Volume	16
Issue number	2
DOIs	https://doi.org/10.1016/0022-0531(77)90013-8
State	Published - Dec 1977

All Science Journal Classification (ASJC) codes

Economics and Econometrics

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10.1016/0022-0531(77)90013-8

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title = "Expectations equilibrium and informational efficiency for stochastic environments",

abstract = "This paper studies the existence of expectations equilibria for message processes on stochastic exchange environments. A message process which permits the general existence of expectations equilibria is termed admissible. The main results are: (1) Every admissible process satisfies a weakened version of the Hurwicz {"}privacy{"} condition. (2) The competitive process is admissible, and has a message space of locally minimal size among admissible nonwasteful processes. (3) The only admissible condensations of the competitive process are constant functions.",

author = "Jordan, \{J. S.\}",

note = "Funding Information: An earlier version of this paper was presented to the NBER Conference on Decentralization, April 25,1976, Evanston, Illinois. I am grateful to the participants, especially Professors L. plurwicz, J. Ledyard, R. Radner, and S. Reiter, for helpful comments. This revision has benefited from several comments of Professor M. Richter. I am also happy to acknowledge typing support from NSF Grant SOC-74-19469, at the Center for Analytic Research in Economics and the Social Sciences, University of Pennsylvania. Any remaining errors are my own.",

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N1 - Funding Information: An earlier version of this paper was presented to the NBER Conference on Decentralization, April 25,1976, Evanston, Illinois. I am grateful to the participants, especially Professors L. plurwicz, J. Ledyard, R. Radner, and S. Reiter, for helpful comments. This revision has benefited from several comments of Professor M. Richter. I am also happy to acknowledge typing support from NSF Grant SOC-74-19469, at the Center for Analytic Research in Economics and the Social Sciences, University of Pennsylvania. Any remaining errors are my own.

PY - 1977/12

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N2 - This paper studies the existence of expectations equilibria for message processes on stochastic exchange environments. A message process which permits the general existence of expectations equilibria is termed admissible. The main results are: (1) Every admissible process satisfies a weakened version of the Hurwicz "privacy" condition. (2) The competitive process is admissible, and has a message space of locally minimal size among admissible nonwasteful processes. (3) The only admissible condensations of the competitive process are constant functions.

AB - This paper studies the existence of expectations equilibria for message processes on stochastic exchange environments. A message process which permits the general existence of expectations equilibria is termed admissible. The main results are: (1) Every admissible process satisfies a weakened version of the Hurwicz "privacy" condition. (2) The competitive process is admissible, and has a message space of locally minimal size among admissible nonwasteful processes. (3) The only admissible condensations of the competitive process are constant functions.

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JO - Journal of Economic Theory

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Expectations equilibrium and informational efficiency for stochastic environments

Abstract

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