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Analogy-Based Expectation Equilibrium and Related Concepts:Theory, Applications, and Beyond

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  • Philippe Jehiel

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, UCL - University College of London [London])

Abstract

A unified definition of analogy-based expectation equilibrium (ABEE) for strategic environments involving multiple stages and private information is presented. Various alternative interpretations of the concept are proposed as well as a discussion of how to use ABEE in practice. A variety of applications including two new ones related to speculative trading and personnel economics is reviewed. A discussion of a number of alternative equilibrium concepts follows emphasizing the links and differences with ABEE. Finally, a discussion of possible next steps in particular related to the endogeneization of analogy partitions is proposed.

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  • Philippe Jehiel, 2022. "Analogy-Based Expectation Equilibrium and Related Concepts:Theory, Applications, and Beyond," Working Papers halshs-03735680, HAL.
    • Handle: RePEc:hal:wpaper:halshs-03735680
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-03735680
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