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| Tekijä: | Kurz, M. |
| Otsikko: | On rational belief equilibria |
| Lehti: | Economic Theory
1994 : VOL. 4:6, p. 859-876 |
| Asiasana: | EQUILIBRIUM ANALYSIS DEMAND OUTPUT |
| Kieli: | eng |
| Tiivistelmä: | The author studies equilibria in which agent's beleifs are rational in the sense of Kurz (1994). The market is formulated by specifying stochastic demand function and a continuum of producers, each with a quadratic cost function who must select their output before knowing prices. Holding Rational Beliefs about future prices, producers maximize expected profits. In a Rational Belief Equilibrium (RBE) agents select diverse forecast functions but each one is rational in the sense that it is based on a theory which cannot be rejected by the data. |
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