Perfect information à la Walras versus perfect information à la Marshall

  title={Perfect information {\`a} la Walras versus perfect information {\`a} la Marshall},
  author={Michel de Vroey},
In this paper I ponder upon the meaning of the perfect information assumption, and argue that a distinction should be drawn between the Walrasian and Marshallian conceptions of perfect information. I show that the Marshallian conception is more demanding than the Walrasian, due to the absence of the auctioneer figure. Next, I examine a few modern imperfect information models (Friedman's expectations-augmented Phillips Curve model, Lucas' neutrality of money model, Shapiro and Stiglitz… CONTINUE READING