Rational theories of the future in general equilibrium models

Authors

  • Stephen Burnell

Keywords:

rational expectations, general equilibrium

Abstract

This paper focusses upon three particular models - the basic Arrow-Debreu model, a simple model with two trading dates and asset markets, and the overlapping generations model - and looks at the theories of the future agents must hold in a rational expectations equilibrium. Not suprisingly, many of the difficulties of general equilibrium theory can be rephrased by asking: How could agents ever come to hold correct theories of the future?

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Published

1990-01-01

How to Cite

Burnell, S. (1990). Rational theories of the future in general equilibrium models. School of Management Working Papers, 1–22. Retrieved from https://ojs.victoria.ac.nz/somwp/article/view/7148

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