Presented By: Department of Economics
Economic Theory: Analogy-Based Expectation Equilibrium and Related Concepts: Theory, Applications, and Beyond
Philippe Jehiel, Paris School of Economics
Abstract:
In this survey, I provide a unified definition of analogy-based expectation equilibrium (ABEE) for strategic environments involving multiple stages and private information. I discuss various alternative interpretations of the concept as well as how to use ABEE in practice. I review a variety of applications including two new ones related to speculative trading and personnel economics. I then discuss a number of alternative equilibrium concepts emphasizing the links and differences with ABEE. Finally, I discuss possible next steps in particular related to the endogeneization of analogy partitions.
In this survey, I provide a unified definition of analogy-based expectation equilibrium (ABEE) for strategic environments involving multiple stages and private information. I discuss various alternative interpretations of the concept as well as how to use ABEE in practice. I review a variety of applications including two new ones related to speculative trading and personnel economics. I then discuss a number of alternative equilibrium concepts emphasizing the links and differences with ABEE. Finally, I discuss possible next steps in particular related to the endogeneization of analogy partitions.
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