In [2], we had extended the classical concepts and arbitrage theory of symmetric information, to an asymmetric information model, which dropped Radner's (1979) rational expectations' assumption. In [3], we showed how agents could infer enough information, in this model, to rule out arbitrage...

We consider a pure exchange financial economy, where rational agents, possibly asymmetrically informed, forecast prices privately, with no model of how they are determined. Therefore, agents face both 'exogenous uncertainty', on the future state of nature, and 'endogenous uncertainty', on the...

In [5], we proposed a general equilibrium model, with incomplete financial markets and asymmetric information, where agents forecasted prices privately without rational expectations. Consistently, they anticipated idiosyncratic sets of future prices, and elected probability laws on these sets,...