The Econometric SocietyEdited by: Guido W. Imbens • Print ISSN: 0012-9682 • Online ISSN: 1468-0262
Econometrica: Sep, 1981, Volume 49, Issue 5
https://doi.org/0012-9682(198109)49:5<1173:GEOCRE>2.0.CO;2-7
p. 1173-1199
Beth Allen
Conditions which imply the existence of strict rational expectations equilibria for "most" static pure exchange economies where prices convey information about the state of the world are analyzed. Information is aggregated and transmitted by prices because agents have different initial information and maximize the conditional expectation of state-dependent utility functions. Major results state that if, with probability one, agents' characteristics do not vary too much as the state of the world varies, then, generically, there exist equilibrium price functions which reveal all initial information. More precisely, if the support of the image measure is contained in a compact C^1 manifold (satisfying some technical conditions) which is of sufficiently low dimension relative to the number of commodities, then existence of completely revealing equilibria is generic. Any economy satisfying these assumptions can be approximated by a sequence of economies which also obey these assumptions and have completely revealing equilibrium price functions. Slight perturbations do not destroy the existence property.
March 5, 2024
The terms of the Editors of the Econometric Society's three journals end June 30, 2025. We are pleased to announce the incoming Editors and to thank the outgoing Editors for their excellent and continuing service.
Econometrica: Since 2019, Guido Imbens has served as the 14th Editor of Econometrica. On July 1, 2025, Marina Halac will become the Editor.
Quantitative Economics: Stéphane Bonhomme has been the Editor of Quantitative Economics since 2021. His successor will be Bernard Salanié.
Theoretical Economics: The Editor of Theoretical Economics since 2021 has been Simon Board. Taking over for him in July 2025 will be Federico Echenique.
Guido, Stéphane, and Simon have been outstanding Editors. We are grateful to them for the work they have done and will continue to do, and we look forward to further congratulating them next year. We believe Marina, Bernard, and Federico will be outstanding successors and we thank them in advance for their service.
Finally, we are grateful to Larry Samuelson for chairing all three search committees, and we thank the search committee members for their hard and fruitful work:
Econometrica: Christian Dustmann, Lars Hansen, Alessandro Lizzeri, George Mailath, Ariel Pakes, Helene Rey, and Elie Tamer.
QE: Kate Ho, Michael Keane, Felix Kubler, Whitney Newey, and Frank Schorfheide.
TE: Jeff Ely, Johannes Horner, Gilat Levy, Meg Meyer, and Ran Spiegler.
