Expectational equilibria in many-to-one matching models with contracts
在多对一匹配模型中引入预期均衡概念,证明其与稳定结果等价,并统一了已有方法(如瓦尔拉斯均衡、市场清算截止点),适用于有/无货币的情形。
We introduce the notion of expectational equilibrium in a general specification of the many-to-one matching with contracts model. The endogenous variables in an expectational equilibrium are expectations about tradable contracts. Expectational equilibrium outcomes are equivalent to stable outcomes. Expectational equilibrium unifies all the other approaches used in the literature so far, in particular Walrasian equilibrium, Drèze equilibrium, and market clearing cutoffs. It also applies to cases where contracts do not involve money as well as cases where there is a smallest monetary unit of account.