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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：Menegatti, M
作者单位：University of Pavia
摘要：This paper shows that if the signs of the first three derivatives of the utility function are assumed to be invariant in the consumption level, then nonsatiation and risk aversion are sufficient conditions for the presence of precautionary saving. Moreover, a similar set of assumptions ensures that the necessary conditions for decreasing absolute risk aversion and for decreasing absolute prudence are automatically satisfied. (C) 2001 Academic Press.
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作者：Ellickson, B; Grodal, B; Scotchmer, S; Zame, WR
作者单位：University of California System; University of California Los Angeles; University of Copenhagen; University of California System; University of California Berkeley; University of California System; University of California Berkeley
摘要：This paper builds a general equilibrium model of finite economics with exchange and club formation. Agents trade multiple private goods snidely in the market, can belong to several clubs, and care about the characteristics of other club members. Because club memberships Lire indivsible and choices of club membership,.,, must be coordinated across the population, the core of such an economy may be empty and equilibrium may not exist. However, for large finite club economics, an approximate core...
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作者：Riedel, F
作者单位：Humboldt University of Berlin
摘要：A stochastic pure exchange economy with incomplete information is studied where one risky asset and a locally riskless bond are traded. The underlying risks are described by a k-dimensional Brownian motion with k greater than or equal to 2. The Brownian morion is nor directly observable. Agents observe only asset prices and dividends. Existence of an Arrow-Radner equilibrium is established. In such on equilibrium. asset prices result such that every informationally feasible consumption plan ca...
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作者：Adam, K
作者单位：European University Institute
摘要：This paper delivers the solution to an optimal search problem where the searcher faces more than one search alternative and is learning about the attractiveness of the respective alternatives during the search process. The optimal sampling strategy is characterized by simple reservation prices that determine which of the search alternatives to sample and when to stop searching. The reservation price criterion is optimal for a large class of learning rules, including Bayesian, nonparametric, an...
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作者：Lu, H; Robert, J
作者单位：University of Ottawa; Universite de Montreal
摘要：We analyze optimal trading mechanisms in an exchange economy where each trader owns some units of a good to be traded and may be either a seller or a buyer. depending on the realization of the privately observed valuations. The concept of virtual valuation is extended to ex ante unidentified traders. The traders' virtual valuations now depend on the: choice of the trading mechanism and are generally nonmonutonic. We show that the trading mechanisms that maximize a broker's expected profit or e...
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作者：Keenan, DC
作者单位：University System of Georgia; University of Georgia
摘要：This article develops novel methods to show that the standard conditions used to obtain global stability of tatonnement depend only on aggregate substitution effects, Thus, for each condition on the matrix of total price effects implying global stability, there is a corresponding one on only the matrix of compensated price effects which also implies global stability. (C) 2001 Academic Press.
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作者：Montrucchio, L; Privileggi, F
摘要：In this paper we study the existence of bubbles for pricing equilibria in a pure exchange economy a Lucas, with infinitely lived homogeneous agents. The model is analyzed under fairly general assumptions: no restrictions either on the stochastic process governing dividends' distribution or on the utilities (possibly unbounded) are required. We prove that the pricing equilibrium is unique as long its the agents exhibit uniformly bounded relative risk aversion. A generic uniqueness result is als...
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作者：Aliprantis, CD; Tourky, R; Yannelis, NC
作者单位：Purdue University System; Purdue University; University of Melbourne; University of Illinois System; University of Illinois Urbana-Champaign
摘要：This paper presents a new theory of value with a personalized pricing system that naturally induces, a family of non-linear prices. This affords a coordinate free theory of value in which the analysis is without any lattice theoretic considerations. When commodity bundles are perfectly decomposable the generalized prices become linear and the analysis specializes to the Walrasian model. This happens, for instance, whenever the commodity space is a vector lattice and consumption sets coincide w...
