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Equilibrium Models in EconomicsPurposes and Critical Limitations$
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Lawrence A. Boland

Print publication date: 2017

Print ISBN-13: 9780190274320

Published to Oxford Scholarship Online: May 2017

DOI: 10.1093/acprof:oso/9780190274320.001.0001

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Time and knowledge matters for general equilibrium attainment

Time and knowledge matters for general equilibrium attainment

Chapter:
(p.47) Chapter 4 Time and knowledge matters for general equilibrium attainment
Source:
Equilibrium Models in Economics
Author(s):

Lawrence A. Boland

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780190274320.003.0005

This chapter examines George Richardson’s 1959 article which explained that once time is explicitly dealt with, the logical requirements for appropriate expectations must be explained. Of particular concern is the information needed to form expectations. But this involves recognizing the potentially unreliable information needed to form expectations and what is needed to assure equilibrium attainment. One concern is that to reach a perfect-competition equilibrium, participants would need perfect knowledge both of their own requirements and of the requirements of every other market participant. Since the latter knowledge is not usually accessible, Richardson describes participants as needing to form ‘rational expectations’ if an equilibrium is to be attained.

Keywords:   general equilibrium attainment, rational expectations, secondary knowledge, primary knowledge, George Richardson

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