Bayesian general equilibrium
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| 024 | 7 | 0 | |a 10.1007/s00199-014-0849-4 |2 doi |
| 035 | |a (NATIONALLICENCE)springer-10.1007/s00199-014-0849-4 | ||
| 100 | 1 | |a Toda |D Alexis |u Department of Economics, University of California San Diego, 9500 Gilman Dr, 92093, La Jolla, CA, USA |4 aut | |
| 245 | 1 | 0 | |a Bayesian general equilibrium |h [Elektronische Daten] |c [Alexis Toda] |
| 520 | 3 | |a I introduce a general equilibrium model of non-optimizing agents that respond to aggregate variables (prices and the average demand profile of agent types) by putting a "prior” on their demand. An interim equilibrium is defined by the posterior demand distribution of agent types conditional on market clearing. A Bayesian general equilibrium (BGE) is an interim equilibrium such that aggregate variables are correctly anticipated. Under weak conditions, I prove the existence and the informational efficiency of BGE. I discuss the conditions under which the set of Bayesian and Walrasian equilibria coincide and show that the Walrasian equilibrium arises from a large class of non-optimizing behavior. | |
| 540 | |a Springer-Verlag Berlin Heidelberg, 2014 | ||
| 690 | 7 | |a Bayes rule |2 nationallicence | |
| 690 | 7 | |a Distribution |2 nationallicence | |
| 690 | 7 | |a Kullback-Leibler information |2 nationallicence | |
| 690 | 7 | |a Maximum entropy |2 nationallicence | |
| 773 | 0 | |t Economic Theory |d Springer Berlin Heidelberg |g 58/2(2015-02-01), 375-411 |x 0938-2259 |q 58:2<375 |1 2015 |2 58 |o 199 | |
| 856 | 4 | 0 | |u https://doi.org/10.1007/s00199-014-0849-4 |q text/html |z Onlinezugriff via DOI |
| 898 | |a BK010053 |b XK010053 |c XK010000 | ||
| 900 | 7 | |a Metadata rights reserved |b Springer special CC-BY-NC licence |2 nationallicence | |
| 908 | |D 1 |a research-article |2 jats | ||
| 949 | |B NATIONALLICENCE |F NATIONALLICENCE |b NL-springer | ||
| 950 | |B NATIONALLICENCE |P 856 |E 40 |u https://doi.org/10.1007/s00199-014-0849-4 |q text/html |z Onlinezugriff via DOI | ||
| 950 | |B NATIONALLICENCE |P 100 |E 1- |a Toda |D Alexis |u Department of Economics, University of California San Diego, 9500 Gilman Dr, 92093, La Jolla, CA, USA |4 aut | ||
| 950 | |B NATIONALLICENCE |P 773 |E 0- |t Economic Theory |d Springer Berlin Heidelberg |g 58/2(2015-02-01), 375-411 |x 0938-2259 |q 58:2<375 |1 2015 |2 58 |o 199 | ||