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Informational efficiency properties of rational expectations equilibria in non-convex economies

Author

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  • Giulio Seccia

    (Brunel University, Department of Economics and Finance, Uxbridge Middlesex, UB8 3PH, UK)

Abstract

A simple example shows that although non-convexities might prevent the existence of a fully revealing rational expectations equilibrium, they need not prevent the existence of a non-informative one. Indeed, the economy in this example does not possess any fully revealing equilibria, but does have a continuum of non-informative ones.

Suggested Citation

  • Giulio Seccia, 2000. "Informational efficiency properties of rational expectations equilibria in non-convex economies," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 16(2), pages 323-332.
    • Handle: RePEc:spr:joecth:v:16:y:2000:i:2:p:323-332
    Note: Received: February 9, 1999; revised version: October 20, 1999
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    Keywords

    Asymmetric information; Non-convex economies.;

    JEL classification:

    • D52 - Microeconomics - - General Equilibrium and Disequilibrium - - - Incomplete Markets
    • D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading

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