---------- Forwarded message ---------- Date: Wed, 20 Feb 2002 14:38:02 +0100 From: Beatrix Pawelczak pawelcza@ihs.ac.at

Dear Sir or Madam, Dear NOEG Member,

We cordially invite you to the

PUBLIC LECTURE AT IHS

on Thursday, February 28, 2002 at 4.30 p.m.

Institute for Advanced Studies, Hörsaal II Stumpergasse 56, A-1060 Wien.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Roger GUESNERIE (DELTA - Ecole normale supérieure)

"Expectational Stability in Finance Models: The Case of Price-revealing Equilibria."

ABSTRACT We consider a simple competitive model à la Grossman, in which prices may transmit the information held by the informed agents to the uninformed ones. We analyse expectational coordination on the price revealing equilibrium from an 'sductive' or 'cognitive' viewpoint. We stress factors favouring expectational coordination. In particular, expectational coordination is destabilized whenever uninformed agents extract (at equilibrium) too much information.

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Best Regards

Beatrix Pawelczak