ABSTRACT
The model described in this section is concerned with price determination in a context where producers have to make decisions without knowing for sure the values of some variables influencing their economic environment. As a consequence, the equilibrium condition will include expectations of these variables. In order to emphasize the particularities of the model and discuss the underlying assumptions, we will briefly recall the classical Walrasian equilibrium model. As will be shown, this model corresponds to the perfect foresight case: it is based on the hypothesis of complete knowledge of the future.
