Reappraising Fix-Point Formalizations of Rational Expectations Equilibria

K. Vela Velupillai

doi:10.13025/23055

Reappraising Fix-Point Formalizations of Rational Expectations Equilibria

K. Vela Velupillai

Research output: Working paper

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Abstract

The paper begins with a brief introduction to the origins of the tradition of formalizing the determination of a rational expectations equilibrium using topological fix points. It is then suggested that fidelity to the twin economic conceptual bases of rational expectations - self-reference and infinite regress - are not encapsulated in the topological formalism. To remedy this defect, a recursion theoretic formalism for modelling rational expectations equilibria is developed.

Original language	English (Ireland)
Publisher	National University of Ireland, Galway
DOIs	https://doi.org/10.13025/23055
Publication status	Published - 1 Jan 2005
Externally published	Yes

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10.13025/23055Licence: CC BY-NC-ND

Paper 0096Accepted author manuscript, 182 KBLicence: CC BY-NC-ND

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AB - The paper begins with a brief introduction to the origins of the tradition of formalizing the determination of a rational expectations equilibrium using topological fix points. It is then suggested that fidelity to the twin economic conceptual bases of rational expectations - self-reference and infinite regress - are not encapsulated in the topological formalism. To remedy this defect, a recursion theoretic formalism for modelling rational expectations equilibria is developed.

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Reappraising Fix-Point Formalizations of Rational Expectations Equilibria

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