Self-fulfilling mechanisms and rational expectations in large markets.
type: Item
instance of: scholarly article
title: Self-fulfilling mechanisms and rational expectations in large markets.
zbMATH Open document ID: 1063.91020
DOI: 10.1016/S0304-4068(03)00014-4
author: Giulio Codognato
author: Sayantan Ghosal
published in: Journal of Mathematical Economics
publication date: 2003-08-17T00:00:00Z
review text: The authors show that in a market game, assuming that the set of commodities form a net, there is an equivalence between the set of allocations generated by self-fulfilling mechanisms and the set of rational expectation equilibrium allocations, without assuming that a specific commodity be used as money. This extends an equivalence theorem proved in the paper [\textit{F. Forges} and \textit{E. Milleni}, J. Econ. Theory 75, 388--406 (1997; Zbl 0892.90192)]. The authors also provide an example to show that the equivalence breaks down if the assumption that the set of commodities is a net does not hold.
reviewed by: Srinivas Raghava Mohan
Mathematics Subject Classification ID: 91B26
Mathematics Subject Classification ID: 91A10
zbMATH DE Number: 1965138
zbMATH Keywords: market games
zbMATH Keywords: equivalence
MaRDI profile type: Publication
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full work available at URL: s0304-4068(03)00014-4
OpenAlex ID: W2102378736
description: scientific article; zbMATH DE number 1965138