INEQUITY AVERSION, FINANCIAL MARKETS, AND OUTPUT FLUCTUATIONS

• 成果类型: Article
• 署名作者: Gebhardt, Georg
• 署名单位: University of Munich; University of Chicago
• 刊物名称: JOURNAL OF THE EUROPEAN ECONOMIC ASSOCIATION
• ISSN/ISSBN: 1542-4766
• DOI: 10.1162/154247604323067943
• 发表日期: 2004
• 页码: 229-239
• 关键词: asset prices; mechanism; habit

摘要

Drawing on recent advances in the study of reference dependent utility we model financial markets as a coordination game with multiple equilibria. Asset valuations may change endogenously through re-coordination which induces fluctuations in output. These fluctuations are shown to be quantitatively relevant and inefficient. (JEL: G12)