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作者：Easley, D; Rustichini, A
作者单位：Cornell University; University of Minnesota System; University of Minnesota Twin Cities
摘要：In this paper, we extend the analysis of our earlier work on boundedly rational learning in an i.i.d. setting [Easley and Rustichini, Econometrica 67 (1999) 1157-1184] to complex decision problems. We show that the axioms from our earlier analysis can be applied in this more complex setting, and along with some new axioms, they asymptotically yield expected utility maximization. Perhaps most important is our demonstration of a simple procedure that insures expected payoff maximization no matte...
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作者：Klaus, B; Klijn, F
作者单位：Autonomous University of Barcelona; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：Couples looking for jobs in the same labor market may cause instabilities. We determine a natural preference domain, the domain of weakly responsive preferences, that guarantees stability. Under a restricted unemployment aversion condition we show that this domain is maximal for the existence of stable matchings. We illustrate how small deviations from (weak) responsiveness, that model the wish of couples to be closer together, cause instability, even when we use a weaker stability notion that...
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作者：Guo, X; Miao, HJ; Morellec, E
作者单位：University of Rochester; Cornell University; Boston University; University of Lausanne; University of Geneva
摘要：Under the real options approach to investment under uncertainty, agents formulate optimal policies under the assumption that firms' growth prospects do not vary over time. This paper proposes and solves a model of investment decisions in which the growth rate and volatility of the decision variable shift between different states at random times. A value-maximizing investment policy is derived such that in each regime the firm's investment policy is optimal and recognizes the possibility of a r...
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作者：Aliprantis, CD; Florenzano, M; Tourky, R
作者单位：Purdue University System; Purdue University; Centre National de la Recherche Scientifique (CNRS); heSam Universite; Universite Pantheon-Sorbonne; University of Melbourne
摘要：Compendious and thorough solutions to the existence of a linear price equilibrium problem, the second welfare theorem, and the limit theorem on the core are provided for exchange economies whose consumption sets are the positive cone of arbitrary ordered Frechet spaces-dispensing entirely with the assumption that the vector ordering of the commodity, space is a lattice. The motivation comes from economic applications showing the need to bring within the scope of equilibrium theory vector order...
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作者：Hernando-Veciana, A
作者单位：Universitat d'Alacant
摘要：We analyse a multistage game of competition among auctioneers. First, the auctioneers commit to some reserve prices; second, the bidders enter one auction, if any; and finally, the auctions take place. We show that for any finite set of feasible reserve prices, each auctioneer announces a reserve price equal to his production cost if the numbers of auctioneers and bidders are sufficiently large, though finite. Our result supports the idea that optimal auctions may be quite simple. Our model al...
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作者：Faig, M; Jerez, B
作者单位：University of Toronto; Universidad Carlos III de Madrid
摘要：The theory of commerce advanced here captures prominent features of retail trade: large employment, congestion effects, anonymous posted prices, and quantity discounts. This theory is built around a directed search model where buyers' preferences are private information. The analytical solution is easily inserted in a Neoclassical growth framework. In this framework, the parameters of retail trade are calibrated using commercial margins and employment. Welfare properties depend on the sellers'...
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作者：Kelly, DL
作者单位：University of Miami
摘要：We consider a general equilibrium model with a production externality (e.g. pollution), where the regulator does not observe firm productivity shocks. We examine quantity (permit) regulation and price (tax) regulation. The quantity of permits issued by the regulator are independent of the productivity shock, since shocks are unobserved. Price regulation implies use of the regulated input is an increasing function of the productivity shock because firms take advantage of a good productivity sho...
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作者：Benhabib, J; Carlstrom, CT; Fuerst, TS
作者单位：New York University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University System of Ohio; Bowling Green State University
摘要：The papers in this symposium address the issue of multiple equilibria that can be induced by monetary policy in models with capital accumulation. In particular they examine how the Taylor Principle, under which interest rates respond more than proportionately to increases in inflation, can generate multiple equilibria. They also explore the design of policies to avoid the problem of multiple equilibria and indeterminacy. (c) 2005 Elsevier Inc. All rights reserved.
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作者：Morris, S; Ui, T
作者单位：Yale University; Yokohama National University
摘要：This paper introduces generalized potential functions of complete information games and studies the robustness of sets of equilibria to incomplete information. A set of equilibria of a complete information game is robust if every incomplete information game where payoffs are almost always given by the complete information game has an equilibrium which generates behavior close to some equilibrium in the set. This paper provides sufficient conditions for the robustness of sets of equilibria in t...
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作者：Boucekkine, R; Licandro, O; Puch, LA; del Rio, F
作者单位：European University Institute; Universite Catholique Louvain; Universite Catholique Louvain; Complutense University of Madrid; Universidade de Santiago de Compostela
摘要：This paper analyzes the equilibrium dynamics of an AK-type endogenous growth model with vintage capital. The inclusion of vintage capital leads to oscillatory dynamics governed by replacement echoes, which additionally influence the intercept of the balanced growth path. These features, which are in sharp contrast to those from the standard AK model, can contribute to explaining the short-run deviations observed between investment and growth rates time series. To characterize the optimal solut...
