Existence of adaptively stable sunspot equilibria near an indeterminate steady
Article Abstract:
The nonlinear model equation Markov stationary sunspot equilibria (SSEs) exist near an indeterminate steady state and earlier results have not provided conditions for the existence of adaptively stable SSEs near an indeterminate steady state. It is shown that Markov SSEs are locally stable under adaptive learning.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2003
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Informational robustness of competitive equilibria
Article Abstract:
The robustness of equilibria of the complete information economy with respect to incomplete information is investigated. Conditions are provided under which complete information equilibria are limits of equilibria of the economies with incomplete information.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2001
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Equilibrium selection in global games with strategic complementarities
Article Abstract:
The games with strategic complementarities, arbitrary number of players and actions with a slight noise in payoff signals are studied. A unique strategy profile that is present in the game survives iterative dominance as the signal noise vanishes.
Publication Name: Journal of Economic Theory
Subject: Economics
ISSN: 0022-0531
Year: 2003
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