INCOMPLETE MARKETS AND THE SUBOPTIMALITY OF RATIONAL-EXPECTATIONS

被引：2

作者：

BENASSY, JP ^{[1
]}

机构：

[1] CTR ETUD PROSPECT ECON MATH APPL PLANIFICAT,F-75013 PARIS,FRANCE

来源：

ECONOMICS LETTERS | 1991年 / 36卷 / 04期

关键词：

D O I：

10.1016/0165-1765(91)90195-Q

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study in this article a model of incomplete markets which can function under both rational and non-rational expectations. It is shown that, because of the incompleteness of markets, rational expectations equilibria can be Pareto dominated by equilibria with non-rational expectations. © 1991.

引用

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页码：343 / 346

页数：4

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