Informational Temporary Equilibria

Jordan, J.S.
1977-04
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Informational Temporary Equilibria

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1977-04

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Center for Economic Research, Department of Economics, University of Minnesota

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Working Paper

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This paper studies a dynamic process for the formation of expectations and the achievement of equilibrium in stochastic exchange environments. An informational temporary equilibrium is an exchange equilibrium in which agents' expectations are conditioned on their initial information and data generated in previous informational temporary equilibria. An equilibrium is a temporary equilibrium which reveals no further information. This process leads to an equilibrium even when the data observed by agents is insufficient to permit the existence of an expectations eguilibrium. The relation between equilibrium and expectations equilibrium is explored, and a characterization of those data structures whose equilibria are expectations equilibria for a possibly different data structure is obtained.

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Center for Economic Research Discussion Papers

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Discussion Paper
89

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Jordan, J.S., (1977), "Informational Temporary Equilibria", Discussion Paper No. 89, Center for Economic Research, Department of Economics, University of Minnesota.

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Jordan, J.S.. (1977). Informational Temporary Equilibria. Retrieved from the University Digital Conservancy, https://hdl.handle.net/11299/54929.

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