Jump to ContentJump to Main Navigation
Equilibrium Models in EconomicsPurposes and Critical Limitations$
Users without a subscription are not able to see the full content.

Lawrence A. Boland

Print publication date: 2017

Print ISBN-13: 9780190274320

Published to Oxford Scholarship Online: May 2017

DOI: 10.1093/acprof:oso/9780190274320.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 27 January 2021

Time and knowledge matters for general equilibrium attainment

Time and knowledge matters for general equilibrium attainment

(p.47) Chapter 4 Time and knowledge matters for general equilibrium attainment
Equilibrium Models in Economics

Lawrence A. Boland

Oxford University Press

This chapter examines George Richardson’s 1959 article which explained that once time is explicitly dealt with, the logical requirements for appropriate expectations must be explained. Of particular concern is the information needed to form expectations. But this involves recognizing the potentially unreliable information needed to form expectations and what is needed to assure equilibrium attainment. One concern is that to reach a perfect-competition equilibrium, participants would need perfect knowledge both of their own requirements and of the requirements of every other market participant. Since the latter knowledge is not usually accessible, Richardson describes participants as needing to form ‘rational expectations’ if an equilibrium is to be attained.

Keywords:   general equilibrium attainment, rational expectations, secondary knowledge, primary knowledge, George Richardson

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .