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作者：Walker, Todd B.
作者单位：Indiana University System; Indiana University Bloomington
摘要：Accommodating asymmetric information in a dynamic asset pricing model is technically challenging due to the problems associated with higher-order expectations. That is, rational investors are forced into a situation where they must forecast the forecasts of other agents. In a dynamic setting, this problem telescopes into the infinite future and the dimension of the relevant state space approaches infinity. By using the frequency domain approach of Whiteman [Linear Rational Expectations Models:...
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作者：Li, Duozhe
作者单位：Chinese University of Hong Kong
摘要：Two impatient players bargain over a pie of size one according to the infinite alternating-offers procedure. Players' payoffs depend not only on the outcome but also on the process of the bargaining. Specifically, they prefer impasse to any agreement that gives them lower discounted utility than would have been derived from accepting earlier offers. We characterize the essentially unique subgame perfect equilibrium path, which consists of gradual concessions. The more patient players are, the ...
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作者：Caruana, Guillermo; Einav, Liran; Quint, Daniel
作者单位：Stanford University; National Bureau of Economic Research
摘要：This paper presents a new non-cooperative approach to multilateral bargaining. We consider a demand game with the following additional ingredients: (i) there is an exogenous deadline, by which bargaining has to end; (ii) prior to the deadline, players may sequentially change their demands as often as they like; (iii) changing one's demand is costly, and this cost increases as the deadline gets closer. The game has a unique subgame perfect equilibrium prediction in which agreement is reached im...
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作者：Gravel, Nicolas; Thoron, Sylvie
作者单位：Universite de Toulon
摘要：Conditions under which endogenous processes of jurisdiction formation entail wealth-stratification are examined in a model where unequally wealthy households with identical preferences form jurisdictions in order to produce a public good financed by proportional taxation. We define a stable jurisdiction structure to be a partition of the households into jurisdictions that is immune to individual deviations. We define a jurisdiction structure to be wealth-stratified when each jurisdiction is co...
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作者：Papai, Szilvia
作者单位：Concordia University - Canada
摘要：We show how to restrict trades in exchange markets with heterogeneous indivisible goods so that the resulting restricted exchange markets, the fixed deal exchange markets, have a unique core allocation. Our results on fixed deal exchange markets generalize classical results on the Shapley-Scarf housing market, in which each agent owns one good only. Furthermore, we define the class of fixed deal exchange rules for general exchange markets, and prove that these are the only exchange rules that ...
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作者：Levy, Moshe
作者单位：Hebrew University of Jerusalem; University of California System; University of California Los Angeles
摘要：This paper examines the conditions required to guarantee positive prices in the CAPM. Positive prices imply an upper bound on the equity premium. This upper bound depends on the degree of diversity of firms' fundamentals, and it is independent of investors' preferences. In economies with realistically diverse assets the only positive-price CAPM equilibrium theoretically possible is a degenerate one, with zero equity premium. Furthermore, when specific standard investors' preferences are assume...
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作者：Beaudry, Paul; Portier, Franck
作者单位：Institut Universitaire de France; Universite de Toulouse; Universite Toulouse 1 Capitole; Universite de Toulouse; Universite Toulouse 1 Capitole; University of British Columbia; University of British Columbia
摘要：It is often argued that changes in expectation are an important driving force of the business cycle. However, it is well known that changes in expectations cannot generate positive co-movement between consumption, investment and employment in the most standard neo-classical business cycle models. This gives rise to the question of whether changes in expectation can cause business cycle fluctuations in any neo-classical setting or whether such a phenomenon is inherently related to market imperf...
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作者：Fleurbaey, Marc
作者单位：Universite Paris Cite; Centre National de la Recherche Scientifique (CNRS)
摘要：This paper studies the ethical underpinnings of two social criteria which are prominent in the literature dealing with the problem of evaluating allocations of several consumption goods in a population with heterogenous preferences. The Pazner-Schmeidler criterion [Pazner-Schmeidler, Egalitarian equivalent allocations: a new concept of economic equity, Quart. J. Econ. 92 (1978) 671-687] and the Egalitarian Walras criterion [Fleurbaey and Maniquet, Utilitarianism versus fairness in welfare econ...
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作者：Krishna, Aradhna; Wang, Yu
作者单位：University of Michigan System; University of Michigan
摘要：In this paper, we show that there is a relationship between two important matching mechanisms: the Top Trading Cycles mechanism (TTC mechanism proposed by Abdulkadiroglu and Sonmez, 1999) and the Top Trading Cycles and Chains mechanism (TTCC mechanism proposed by Roth, Sonmez, and Unver, 2004). Our main result is that when a specific chain selection rule proposed by Roth et al. is used, these two mechanisms are equivalent. While the equivalence is relevant for one specific case of the TTCC mec...
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作者：Chu, Leon Yang; Sappington, David E. M.
作者单位：State University System of Florida; University of Florida; University of Southern California
摘要：Laffont and Tirole's [Using cost observation to regulate firms, J. Polit. Econ. 94 (1986) 614-641] pioneering analysis identifies the optimal procurement contract when the supplier can readily inflate his innate production cost without detection. When the buyer has some ability to limit such cost inflation, an alternative contract can outperform the contract identified by Laffont and Tirole. The alternative contract induces substantial pooling, discontinuous production costs and effort supply,...
