Non-Optimality of Rational Expectations Equilibrium: The Complete Markets Case
证明,在非对称信息下,确保瓦尔拉斯均衡唯一且最优的条件,不足以保证非噪声理性预期均衡同样成立。
In this note we show that the conditions that guarantee uniqueness and optimality of Walrasian equilibrium under uncertainty are not sufficient to guarantee these results for non-noisy rational expectations equilibrium under asymmetric information.