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作者：Coles, MG; Muthoo, A
作者单位：University of Essex
摘要：We study an alternating offers bargaining model in which the set of possible utility pairs evolves through time in a non-stationary, but smooth manner. In general, there exists a multiplicity of subgame perfect equilibria. However, we show that in the limit as the time interval between two consecutive offers becomes arbitrarily small, there exists a unique subgame perfect equilibrium. Furthermore, we derive a powerful characterization of the unique (limiting) subgame perfect equilibrium payoff...
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作者：Epstein, LG; Schneider, M
作者单位：University of Rochester; University of California System; University of California Los Angeles
摘要：The inability of the Bayesian model to accommodate Ellsberg-type behavior is well-known. This paper focuses on another limitation of the Bayesian model, specific to a dynamic setting, namely the inability to permit a distinction between experiments that are identical and those that are only indistinguishable. It is shown that such a distinction is afforded by recursive multiple-priors utility. Two related technical contributions are the proof of a strong LLN for recursive multiple-priors utili...
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作者：Dupor, B
作者单位：University of Pennsylvania
摘要：This paper studies a money-in-the-utility function model with imperfect competition and one-period ahead nominal price setting. Under standard assumptions on preferences, Friedman's rule-setting the money growth rate equal to the household time discount factor-generates an equilibrium that is optimal within the class of deterministic policies. We then provide conditions under which a random monetary policy increases ex ante expected welfare relative to Friedman's rule. The result obtains becau...
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作者：Koutsougeras, LC
作者单位：University of Manchester
摘要：We present a market game which features multiple posts for each commodity. We use this framework to illustrate the idea that in non-Walrasian markets, where individual activities influence market clearing prices, there are equilibria where commodities are exchanged simultaneously in two posts at different prices, thus defying the 'law of one price'. Such equilibria are compatible with an apparent arbitrage possibility, which dissipates whenever individuals try to take advantage of it. (C) 2003...
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作者：Moyes, P
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite de Bordeaux; Universite de Bordeaux
摘要：We examine the circumstances under which minimal equal sacrifice taxation reduces income inequality. Focusing on absolute sacrifice and relative inequality, we show that after tax incomes are more equally distributed than before tax incomes and that after tax inequality decreases with the revenue to be raised if and only if the elasticity of the marginal utility of income is decreasing. However, other things equal, after tax inequality is shown to decline as the utility function becomes more c...
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作者：Michel, P; Wigniolle, B
作者单位：Aix-Marseille Universite; Universite Marie et Louis Pasteur
摘要：This article studies the dynamics of an overlapping generations model with capital, money and cash-in-advance constraints. The economy can exhibit two different regimes. In the first one, the cash-in-advance constraint is binding and money is a dominated asset. In the second one, the constraint is strictly satisfied and money has the same return as capital. When the second regime holds on a finite number of periods, we say that the economy experiences a temporary bubble. We prove that temporar...
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作者：Köbberling, V; Peters, H
作者单位：Maastricht University
摘要：Bargaining problems are considered where the preferences of the bargainers deviate from expected utility but can be modelled according to rank-dependent utility theory. Under rank-dependent utility both the utility function and the probability weighting function influence the risk attitude of a decision maker. The same definition of risk aversion leads to two forms of risk aversion: utility risk aversion and probabilistic risk aversion. The main finding is that these two forms can have surpris...
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作者：Kamihigashi, T
作者单位：Kobe University
摘要：This paper shows stochastic versions of (i) Michel's (Econometrica 58 (1990) 705, Theorem 1) necessity result, (ii) a generalization of the TVC results of Weitzman (Management Sci, 19 (1973) 783) and Ekeland and Scheinkman (Math. Oper. Res. 11 (1986) 216), and (iii) Kamihigashi's (Econometrica 69 (2001) 995, Theorem 3.4) result, which is useful particularly in the case of homogeneous returns. These stochastic extensions are established for an extremely general stochastic reduced-form model tha...
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作者：Haile, PA
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：When an auction is followed by an opportunity for resale, bidder valuations are endogenously determined, reflecting anticipated profit from buying/selling in the resale market. These valuations vary with the resale market structure, can differ across auction types, and may be lower or higher than if resale were impossible. Although resale introduces a common value element to the model, revenue equivalence can hold; when it fails, this is due not to affiliation but to differences in information...
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作者：Zhou, RL
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Previous studies have shown that a random-matching model with divisible fiat money and without constraint on agents' money inventories possesses a continuum of stationary single-price equilibria. Wallace (J. Econom. Theory 81 (1998) 223) conjectures that the indeterminacy can be eliminated by the use of commodity money. Instead, I find that in a similar random-matching model with dividend-yielding commodity money, a continuum of stationary singleprice equilibria exists when the utility of divi...
