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<p>Markets are frequently conceptualized as information transmission systems; however, the limits of information transmission are rarely incorporated into market analysis. This study models the investment–savings market as an information channel to evaluate market capacity and the probability of error in communicating profit rate expectations. Employing an additive white Gaussian noise channel with feedback, the analysis derives the conditions under which a rational expectations equilibrium can be attained and examines the resulting dynamics in an investment-driven macroeconomic system. Additionally, it investigates scenarios in which further noise from nominal wage adjustments arises in the feedback channel, and derives the corresponding error probabilities faced by non-optimizing agents transmitting profit rate expectations.</p>

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Investment–saving equilibrium in reliable markets

  • 期刊论文

  • 发表日期：

    2026年1月16日

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  • Doğuhan Sündal

摘要

Markets are frequently conceptualized as information transmission systems; however, the limits of information transmission are rarely incorporated into market analysis. This study models the investment–savings market as an information channel to evaluate market capacity and the probability of error in communicating profit rate expectations. Employing an additive white Gaussian noise channel with feedback, the analysis derives the conditions under which a rational expectations equilibrium can be attained and examines the resulting dynamics in an investment-driven macroeconomic system. Additionally, it investigates scenarios in which further noise from nominal wage adjustments arises in the feedback channel, and derives the corresponding error probabilities faced by non-optimizing agents transmitting profit rate expectations.