This paper considers a simple "three-goods" model and focuses attention on the expectational stability of its equilibria. The setting allows us to describe stylized general equilibrium macro interactions: firms hire workers and then sell production to buyers whose purchasing power depends on the...

This paper examines justifications of the rational-expectations hypothesis that rely on the analysis of the agents' mental forecasting ("educing") activity (which involves "forecasting the forecasts" of others, etc.). The corresponding concept of eductive learning stability, based on the...