Statistical equilibrium in one-step forward looking economic models
成果类型：
Article
署名作者：
Krebs, T
刊物名称：
JOURNAL OF ECONOMIC THEORY
ISSN/ISSBN：
0022-0531
DOI：
10.1006/jeth.1996.2231
发表日期：
1997
页码：
365-394
关键词：
摘要：
This paper combines statistical with economic equilibrium analysis in the context of one-step forward looking economic models. For a given state space, the economic analysis determines a set of Markov processes consistent with economic equilibrium, the set of expectational equilibria. The concept of statistical equilibrium rationalizes the introduction of a probability measure on the set of expectational equilibria. In the infinite observations limit, there exists a unique expectational equilibrium which is realized with probability one, the statistical expectational equilibrium. The statistical method is applicable whenever the set of expectational equilibria is a compact and convex set. Statistical expectational equilibrium is characterized as the maximum entropy expectational equilibrium. An exponential representation of statistical expectational equilibrium is derived for a large class of one-step forward looking economic models. (C) 1997 Academic Press.
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