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作者：Krasa, S; Shafer, W
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
摘要：Consider an exchange economy with complete information. We perturb this economy by assuming that cacti agent's observation about the true state of the world is noisy. The paper investigates the robustness of equilibria of the complete information economy with respect to incomplete information. We provide conditions under which complete information equilibria are limits of equilibria of the economics with incomplete information, as the noise in the signal converges to zero. (C) 2001 Academic Pr...
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作者：Friedman, JW; Mezzetti, C
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：We study repeated interactions among a fixed set of low rationality players who have status quo actions, randomly sample other actions, and change their status clue if the sampled action yields a higher payoff. This behavior generates a random process, the better-reply, dynamics. Long run behavior leads to Nash equilibrium in games with the weak-finite improvement property, including finite, super-modular games and generic, continuous, two-player, quasi-concave games. If players make mistakes ...
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作者：Bloise, G
摘要：In this paper, we propose a geometric method for the analysis of first-order sunspot equilibra in a class of nonlinear dynamic economic models without predetermined variables. We show that such stochastic equilibria exist around a steady state whenever it is locally indeterminate. Moreover, under some assumptions, we prove the existence of sunspot equilibria persisting on a full dimensioned support close to the steady state even when local indeterminacy is only lower dimensional, (C) 2001 Acad...
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作者：Hellwig, M; Irmen, A
作者单位：University of Mannheim
摘要：We develop a model of endogenous growth in an economy with competitive markets. Technical change arises from the intentional actions of entrepreneurs looking for profits. Opportunities for such profits stem from inframarginal rents. This provides a counterexample to the widespread view that endogenous technical change is possible only if innovating firms can expect to reap monopoly or oligopoly rents. The model has a unique equilibrium which involves steady growth at a positive rate. Equilibri...
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作者：Dupor, B
作者单位：University of Pennsylvania; Stanford University
摘要：The paper's theorems reverse two standard results of New Keynesian economics simply by appending endogenous investment to a benchmark imperfect competition-sticky price model. Our results are: (a) a passive interest rate rule, where the monetary authority responds to inflation by lowering the real interest rate, implies local equilibrium uniqueness, whereas an active rule does not generate a locally unique equilibrium; (b) a temporary, exogenous increase in the nominal interest rate causes a t...
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作者：Bisin, A; Verdier, T
作者单位：New York University; Universite PSL; Ecole Normale Superieure (ENS)
摘要：This paper studies the population dynamics of preference traits in a model of intergenerational cultural transmission. Parents socialize and transmit their preferences to their offspring, motivated by a form of paternalistic altruism (imperfect empathy). In such a setting we study the long run stationary state pattern of preferences in the population. according to carious socialization mechanisms and institutions. and identify sufficient conditions for the global stability of an heterogenous s...
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作者：Matthews, SA
作者单位：University of Pennsylvania
摘要：In a principal-agent model H with unobservable effort and possible renegotiation. contracts are assumed to satisfy two natural restrictions: limited liability for the agent and monotonicity of payments for the principal, The main result is that if the agent has the renegotiation bargaining power, any contract is weakly Pareto dominated by a debt contract. (C) 2001 Academic Press.
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作者：Mino, K
作者单位：Kobe University
摘要：By examining endogenous growth models with physical and human capital, this paper demonstrates that indeterminacy of equilibrium may emerge even in the absence of increasing returns to scale. The model we examine consists of two production sectors: one produces final goods and the other produces new human capital. Both sectors use physical as well as human capital. It is assumed that while the private technology of the representative firm in each sector exhibits decreasing returns to scale, th...
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作者：Antinolfi, G; Keister, T; Shell, K
作者单位：Washington University (WUSTL); Universidad Nacional Autonoma de Mexico; Instituto Tecnologico Autonomo de Mexico; Cornell University
摘要：We investigate the dependence of the dynamic behavior of an endogenous growth model on the degree of returns to scare. We focus on a simple (but representative) growth model with publicly funded inventive activity. We show that constant returns to reproducible Factors (the leading case in the endogenous growth literature) is a bifurcation point, and that it has the characteristics of a transcritical bifurcation. The bifurcation involves the boundary of the state space, making it difficult to f...
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作者：Calvet, LE
作者单位：Harvard University
摘要：This paper shows that the precautionary motive, combined with asset incompleteness, is a major source of volatility and indeterminacy in financial markets. Price fluctuations originate from agents' efforts to insure themselves through time by borrowing and lending instead of shifting income across states or nature by trading risky assets. A high interest rate at a future date reduces the potential for future consumption smoothing via borrowing. which leads to a strong precautionary motive and ...
