Exercises in Conjectural Equilibria

  title={Exercises in Conjectural Equilibria},
  author={F. Hahn},
In this paper one considers an economy in which individuals can transact at "false" prices. When they do they encounter quantity constraints, this in turn, as Arrow has noted, stops them acting as perfect competitors. In particular they must form an hypothesis concerning a possibility of affecting their quantity constraints by a change of price. This hypothesis is called a conjecture. A set of prices and quantity signals at which desired trades are achieved and no prices change is advantageous… CONTINUE READING
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