Eductive expectations coordination on deterministic cycles in an economy with heterogeneous agents

In this paper we study expectations coordination on a deterministic 2-cycle by an ‘eductive’ approach in which agents are concerned with forecasting the forecasts of others. This approach is grounded in some Common Knowledge assumptions. We consider an overlapping generations economy in which agents...

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Veröffentlicht in:	Journal of economic dynamics & control 2005-05, Vol.29 (5), p.931-952
1. Verfasser:	Negroni, Giorgio
Format:	Artikel
Sprache:	eng
Schlagworte:	Beliefs Business cycles Coordination Deterministic cycles Economic dynamics Economic equilibrium Economic forecasts Heterogeneity Imperfect information Mathematical economics Overlapping-generations model Rational expectations Strong rationality Utility theory
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creator	Negroni, Giorgio
description	In this paper we study expectations coordination on a deterministic 2-cycle by an ‘eductive’ approach in which agents are concerned with forecasting the forecasts of others. This approach is grounded in some Common Knowledge assumptions. We consider an overlapping generations economy in which agents have heterogeneous utility functions. We show that locally eductively stable 2-cycles can exist when agents have stationary beliefs. We also show that heterogeneity may hinder eductive coordination.
doi_str_mv	10.1016/j.jedc.2004.04.004
format	Article
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subjects	Beliefs Business cycles Coordination Deterministic cycles Economic dynamics Economic equilibrium Economic forecasts Heterogeneity Imperfect information Mathematical economics Overlapping-generations model Rational expectations Strong rationality Utility theory
title	Eductive expectations coordination on deterministic cycles in an economy with heterogeneous agents
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