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Shaping long-run expectations in problems of coordination

Vega-Redondo, Fernando (1997) 'Shaping long-run expectations in problems of coordination.' European Journal of Political Economy, 13 (4). pp. 783-806. ISSN 0176-2680

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When far-sighted agents may adjust their behavior only gradually, the issue of equilibrium selection becomes one of tension between history and expectations. This paper analyzes whether, in this context, a government policy maker may intervene successfully and redirect expectations away from the inertia of undesired history. The possibilities and limitations of such an approach to `expectation management' are studied within a game-theoretic framework which involves both the government and the population.

Item Type: Article
Uncontrolled Keywords: Expectations; Coordination; Taxes; Subsidies
Subjects: H Social Sciences > HB Economic Theory
Divisions: Faculty of Social Sciences > Economics, Department of
Depositing User: Jim Jamieson
Date Deposited: 05 Jan 2013 23:20
Last Modified: 05 Jan 2013 23:20

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