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作者：Suzumura, K; Xu, YS
作者单位：University System of Georgia; Georgia State University; Hitotsubashi University
摘要：In a recent paper published in Journal of Economic Theory (101 (2001) 423-436), by Suzumura and Xu, an analytical framework was developed, which allowed us to characterize the concept of consequentialism and non-consequential ism. To simplify matters, however, the treatment in that paper was confined only to the cases where no trade-off exists between consequential considerations, which reflect the individual's preferences over alternatives, and non-consequential considerations, which reflect ...
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作者：Grüner, HP
作者单位：University of Mannheim; IZA Institute Labor Economics; Centre for Economic Policy Research - UK
摘要：This paper studies the role of the wealth distribution for the market selection of entrepreneurs when agents differ in talent. It argues that the redistribution of initial endowments can increase an economy's surplus because more talented individuals get credit for their risky investment projects. Moreover, the redistribution of initial endowments may lead to a Pareto-improvement although all agents are non-satiable. An agent's entrepreneurial ability is his private information and there is mo...
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作者：Radner, R
作者单位：New York University
摘要：In many markets, demand adjusts slowly to changes in prices, i.e., demand is viscous. This viscosity gives each firm some monopoly power, since it can raise its price above that of its competitors without immediately losing all of its customers. The resulting equilibrium pricing behavior and market outcomes can differ significantly from what one would predict in the absence of demand viscosity. In particular, the model explains the importance of market share as an investment, as well as kinked...
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作者：Keely, LC
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This paper develops a framework to describe how the existence of technological spillovers leads to a distribution of technology clusters. Marshallian spillovers in this paper are assumed to be due to interaction of labor. The dynamics of cluster size, composition, and technology accumulation are characterized. (C) 2003 Elsevier Science (USA). All rights reserved.
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作者：Hintermaier, T
摘要：Bennett and Farmer (J. Econ. Theory 93 (2000) 118) claim that the degree of increasing returns to scale required for indeterminacy in a single sector growth model can be lowered by allowing for preferences that are non-separable in consumption and leisure. In this paper I show that the example they give violates concavity. In a more general setup, which does not impose specific functional forms on utility, I prove that there are no concave utility functions compatible with indeterminacy if the...
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作者：Krishna, V
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：This paper studies equilibria of the n-bidder single-object English, or open ascending price, auction in a setting with interdependent values and asymmetric bidders. Maskin (in: H. Siebert (Ed.), Privatization, Institut fur Weltwirtschaften der Universitat Kiel, Kiel, 1992, pp. 115-136.) showed that if the values satisfy a single crossing condition, then the two-bidder English auction has an efficient equilibrium. In this paper, two extensions of the single crossing condition, the average cros...
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作者：Bullard, J; Smith, BD
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Texas System; University of Texas Austin
摘要：We study an economy in which intermediaries have incentives to issue circulating liabilities as part of an equilibrium. We show that, with arbitrarily small transactions costs, only the liabilities of intermediaries will circulate, and not those of other private sector agents. Therefore, our model connects intermediation activity with the issuance of payments media, a connection that has not been made in earlier literature. We use our model to suggest a resolution of the banknote underissue pu...
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作者：Goenka, A
作者单位：University of Essex
摘要：This paper examines the effect of 'leakage' of information, private information becoming available to uninformed traders at a later date, on information acquisition and revelation. Using a Shapley-Shubik market game framework it is shown that (a) if information acquisition by the informed traders is costless, this leads to faster revelation of information; (b) if information acquisition is costly, there may be no acquisition of information; (c) information leakage leads to a fall in value of i...
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作者：Keller, G; Oldale, A
作者单位：University of Oxford
摘要：This paper presents a model of a sequential search process for the best outcome of many multi-stage projects. The branching structure of the search environment is such that the payoffs to various actions are correlated; nevertheless, it is shown that the optimal strategy is given by a simple reservation price rule. (C) 2003 Published by Elsevier Science (USA).
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作者：Baptista, AM
作者单位：University of Arizona
摘要：In this paper, we investigate the existence of multiperiod American options generating dynamically complete markets. We show that if a primitive security separates states at the terminal date, then generically there exist multiperiod American options on that security generating dynamically complete markets. We also provide an example of an economy in which multiperiod American options on a primitive security generate dynamically complete markets, while multiperiod European options do not. (C) ...
