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作者：Balasko, Yves; Geanakoplos, John
作者单位：University of York - UK; Yale University; The Santa Fe Institute
摘要：This introduces the symposium on general equilibrium. (C) 2012 Elsevier Inc. All rights reserved.
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作者：Henriksen, Espen; Spear, Stephen
作者单位：Carnegie Mellon University; University of Oslo
摘要：In this paper, we show that within the set of stochastic three-period-lived OLG economies with productive assets (such as land), markets are necessarily sequentially incomplete, and agents in the model do not share risk optimally. We start by characterizing perfect risk-sharing and find that it requires state-dependent consumption claims which depend only on the exogenous shock realizations. We show then that the recursive competitive equilibrium of any overlapping generations economy with wea...
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作者：Villanacci, Antonio; Zenginobuz, Unal
作者单位：University of Florence; Bogazici University; Bogazici University
摘要：We study a general equilibrium model with a non-profit firm producing a public good using private goods as inputs which are financed by voluntary contributions (subscriptions) of households. We analyze policy interventions that increase the public good level at subscription equilibria, and show that some of the standard results of the neutrality literature do not survive in our model with many private goods and relative price effects allowed. First, we show that a redistribution away from a co...
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作者：Huang, Kevin X. D.; Meng, Qinglai
作者单位：Vanderbilt University; Oregon State University
摘要：A challenge to models of equilibrium indeterminacy based on increasing returns is that required increasing returns for generating indeterminacy can be implausibly large and rise quickly with the relative risk aversion in labor. We show that unsynchronized wage adjustment via a relative wage effect can both lower the required degree of increasing returns for indeterminacy to a plausible level and make it invariant to the relative risk aversion in labor. Consequently, indeterminacy and sunspot-d...
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作者：Khan, M. Ali; Piazza, Adriana
作者单位：Johns Hopkins University; University of Illinois System; University of Illinois Urbana-Champaign; Universidad Tecnica Federico Santa Maria
摘要：We present a substantive and far-reaching generalization of the principal results in the economics of forestry, as formalized by Mitra and Wan (1986). Rather than a polarized dichotomy of linear and strictly concave, differentiable benefit (felicity) functions, we develop the theory in the context of functions that are supported at the golden-rule consumption and are not necessarily concave. Through a non-interiority condition on the set of zeroes of a resulting discrepancy function, we show t...
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作者：Hugonnier, Julien
作者单位：Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Swiss Finance Institute (SFI)
摘要：This article shows that portfolio constraints can give rise to rational asset pricing bubbles in equilibrium even if there are unconstrained agents in the economy who can benefit from the induced limited arbitrage opportunities. Furthermore, it is shown that bubbles can lead to both multiplicity and real indeterminacy of equilibria. The general results are illustrated by two explicitly solved examples where seemingly innocuous portfolio constraints make bubbles a necessary condition for the ex...
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作者：Decancq, Koen
作者单位：KU Leuven; Universite Catholique Louvain; University of Antwerp
摘要：A Frechet class collects all multivariate joint distribution functions that have the same marginals. Members of a Frechet class only differ with respect to the interdependence between their marginals. In this paper, I study orders of interdependence on a Frechet class using two multivariate generalizations of the bivariate rearrangement proposed by Epstein and Tanny (1980) [4] and Tchen (1980) [16]. I show how these multivariate rearrangements are underlying multivariate first order stochastic...
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作者：Goldluecke, Susanne; Kranz, Sebastian
作者单位：University of Bonn; University of Mannheim
摘要：This paper studies infinitely repeated games with imperfect public monitoring and the possibility of monetary transfers. It is shown that all public perfect equilibrium payoffs can be implemented with a simple class of stationary equilibria that use stick-and-carrot punishments. A fast algorithm is developed that exactly computes the set of pure strategies equilibrium payoffs for all discount factors. (C) 2012 Elsevier Inc. All rights reserved.
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作者：Makarov, Igor; Rytchkov, Oleg
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University; University of London; London Business School
摘要：We study the properties of rational expectation equilibria (REE) in dynamic asset pricing models with heterogeneously informed agents. We show that under mild conditions the state space of such models in REE can be infinite dimensional. This result indicates that the domain of analytically tractable dynamic models with asymmetric information is severely restricted. We also demonstrate that even though the serial correlation of returns is predominantly determined by the dynamics of stochastic e...
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作者：Fleckinger, Pierre
作者单位：heSam Universite; Universite Pantheon-Sorbonne; Paris School of Economics
摘要：This paper reexamines the issue of relative versus joint incentive schemes in a multi-agent moral-hazard framework. The model allows a full analysis of the information and dependence structure. An important result is that the widespread notion that greater correlation in outcomes calls for more competition is not robust. First, when the dependence structure is effort-sensitive, the optimal incentive scheme in general mixes elements of relative evaluation and joint evaluation. Second, under lim...
