Alternative Representations of Information in Microeconomic Systems

微观经济模型的一个自然特征是，不同的经济主体可能拥有不同的信息，这种模型包含了经济主体的不确定性。经济系统的动态为代理人提供了通过价格、购买数量和经济环境的其他状态获取更多信息的机会。在整个过程中，代理对系统的未来形成预期，并根据这些预期做出决策。这些预期可能涉及到未来的政府政策、一个人未来的收入、物价的变化等等。因此，对预期进行正确的建模对于分析广泛的经济现象至关重要。这个项目严格检查信息系统的基本结构，以确定理性预期均衡何时会对经济变量的变化做出反应。经济均衡的存在意味着预期是理性的。这项工作研究了代理人获取信息所产生的成本，以及价格等经济变量的潜在信息含量。此外，还考察了分散决策对理性预期均衡可达性的影响。平衡的概念，即一个动态系统随着系统的变化而趋于运动的点，是经济和物理现象分析的核心。大多数经济决策的一个重要方面是，它们是在存在不确定性的情况下做出的。例如，消费者决定购买房屋或汽车等主要商品时，会考虑对未来收入、未来价格和经济状况的预期。不确定性是此类决策固有的，尽管价格等经济变量的现值可能包含有关未来的信息。微观经济模型的一个自然特征是，不同的经济主体可能拥有不同的信息，这种模型包含了经济主体的不确定性。经济系统的动态为代理人提供了通过价格、购买数量和经济环境的其他状态获取更多信息的机会。在整个过程中，代理对系统的未来形成预期，并根据这些预期做出决策。这些预期可能涉及到未来的政府政策、一个人未来的收入、物价的变化等等。因此，对预期进行正确的建模对于分析广泛的经济现象至关重要。这个项目以严格的数学方式研究经济系统中各主体之间的信息和通信结构，以及它们如何使系统达到平衡。

A natural feature of a microeconomic model which incorporates uncertainty on the parts of the economic agents is the possibility that different agents possess different information. The dynamics of an economic system provides agents with the opportunity for acquiring more information via prices, quantities purchased, and other states of the economic environment. Throughout this process agents form expectations about the future of the system, and make decisions based on those expectations. These expectations might concern future government policy, one's future income, changes in prices and so on. Therefore correctly modeling expectations is crucial to analyzing a wide range of economic phenomena. This project rigorously examines the fundamental structures of information systems to ascertain when rational expectations equilibrium will result in response to changes in the economic variables. The presence of an economic equilibrium implies that expectations are rational. The work studies the costs incurred by the agents of acquiring information, and the potential information content of economic variables such as prices. Also examined is the effect of decentralized decision-making on the attainability of rational expectations equilibrium. %%% The concept of equilibrium, that is a point to which a dynamic system tends to move in response to changes in the system, is central to the analysis of economic as well as physical phenomena. An important aspect of most economic decisions is that they are made in the presence of uncertainty. For instance, consumer decisions to make major purchases like houses or automobiles incorporate expectations about future income, future prices, and the state of the economy. Uncertainty is inherent in such decisions, although present values of economic variables like prices might contain come information about the future. A natural feature of a microeconomic model which incorporates uncertainty on the parts of the economic agents is the possibility that different agents possess different information. The dynamics of an economic system provides agents with the opportunity for acquiring more information via prices, quantities purchased, and other states of the economic environment. Throughout this process agents form expectations about the future of the system, and make decisions based on those expectations. These expectations might concern future government policy, one's future income, changes in prices and so on. Therefore correctly modeling expectations is crucial to analyzing a wide range of economic phenomena. This project studies in a mathematically rigorous way the structures of information and communication among agents in an economic system, and how they act to bring the system to equilibrium.