The equivalence of two rational expectations equilibrium economies with different approaches to processing neighbors' information
文献类型：期刊论文
| 作者 | Lou, Youcheng1; Wang, Shouyang1,2,3 |
| 刊名 | MATHEMATICAL SOCIAL SCIENCES
 |
| 出版日期 | 2021 |
| 卷号 | 109页码:93-105 |
| ISSN号 | 0165-4896 |
| 关键词 | Rational expectations equilibrium Social networks Network structure Signal structure |
| DOI | 10.1016/j.mathsocsci.2020.11.003 |
| 英文摘要 | We consider a finite-agent Hellwig (1980) economy with an extension to allow traders to observe their neighbors' signals in an exogenously given social network. There are two potential approaches for traders to process observed signals: directly infer information about the fundamentals from the complete collection of observed signals, or indirectly from an average of observed signals. The two approaches lead to different information sets for traders. In this study, we investigate whether the two economies corresponding to the two approaches are equivalent in the sense that they have the same market equilibrium. For general network and signal structures, we present a necessary and sufficient condition for the equivalence, revealing that the two finite-agent economies are not equivalent in general unless the network structure and signal structure coordinate well. When traders have homogeneous preferences and the signal structure takes the classical form in the literature, we find that the two finite-agent economies are equivalent for regular graphs, but not for chain and star graphs. Finally, for the classical signal structure, we show that the two large economies, defined as the limit of a sequence of replica finite-agent economies, are equivalent for any network structure. (C) 2020 Elsevier B.V. All rights reserved. |
| 资助项目 | National Natural Science Foundation of China[71971208] |
| WOS研究方向 | Business & Economics ; Mathematics ; Mathematical Methods In Social Sciences |
| 语种 | 英语 |
| 出版者 | ELSEVIER |
| WOS记录号 | WOS:000610412600008 |
| 源URL | [http://ir.amss.ac.cn/handle/2S8OKBNM/58113]  |
| 专题 | 中国科学院数学与系统科学研究院 |
| 通讯作者 | Lou, Youcheng |
| 作者单位 | 1.Chinese Acad Sci, Acad Math & Syst Sci, MDIS, Beijing, Peoples R China 2.Chinese Acad Sci, Ctr Forecasting Sci, Beijing, Peoples R China 3.Univ Chinese Acad Sci, Sch Econ & Management, Beijing, Peoples R China |
| 推荐引用方式 GB/T 7714 | Lou, Youcheng,Wang, Shouyang. The equivalence of two rational expectations equilibrium economies with different approaches to processing neighbors' information[J]. MATHEMATICAL SOCIAL SCIENCES,2021,109:93-105. |
| APA | Lou, Youcheng,&Wang, Shouyang.(2021).The equivalence of two rational expectations equilibrium economies with different approaches to processing neighbors' information.MATHEMATICAL SOCIAL SCIENCES,109,93-105. |
| MLA | Lou, Youcheng,et al."The equivalence of two rational expectations equilibrium economies with different approaches to processing neighbors' information".MATHEMATICAL SOCIAL SCIENCES 109(2021):93-105. |
入库方式： OAI收割
来源：数学与系统科学研究院
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