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.
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页码：343 / 346
页数：4
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