Rational expectations in microeconomic models: An overview

James S. Jordan, Roy Radner

Research output: Contribution to journalArticlepeer-review

50 Scopus citations


This paper is an expository introduction to several topics of current research in the general equilibrium theory of rational expectations. More specifically, we discuss the existence of exact and approximate rational expectations equilibria, the implementation of equilibria, the behavior of learning and smoothing processes by which traders construct expectations from repeated observations of the market, and the lagged use of the information revealed by prices in an intertemporal sequence of markets. The purpose of this discussion is to introduce papers on these topics appearing in the Journal of Economic Theory Symposium on Rational Expectations in Microeconomic Models.

Original languageEnglish (US)
Pages (from-to)201-223
Number of pages23
JournalJournal of Economic Theory
Issue number2
StatePublished - Apr 1982

All Science Journal Classification (ASJC) codes

  • Economics and Econometrics


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