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作者：de Frutos, MA
作者单位：Universidad Carlos III de Madrid
摘要：We consider the problem of cost sharing in the presence of increasing returns to scale and potential strategic behavior on the part of consumers. We show that any smooth and strictly monotonic mechanism for which a Nash equilibrium exists for all profiles of convex and monotonic preferences must be dictatorial. However, we propose a cost sharing mechanism, the decreasing serial mechanism, for which an interesting domain restriction ensures existence of a noncooperative equilibrium for its cost...
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作者：Vila, X
作者单位：Autonomous University of Barcelona
摘要：We examine Rubinstein's approach to decision making based on the use of similarity relations. More specifically, we show that any attempt to order bundles of three or more alternatives using similarity relations will generate intransitivities. (C) 1998 Academic Press.
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作者：An, MY
作者单位：Duke University
摘要：This paper provides a complete characterization of logconcavity, an increasingly popular concept in the economics of uncertainty and information. New and known results are proven without assuming that density functions are differentiable. A systematic comparison between logconcavity and logconvexity is made and the source of the asymmetries between the two is investigated. The key difference is that logconcavity is preserved under one-sided integrations regardless of the types of distribution ...
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作者：Jullien, B; Picard, P
作者单位：Centre National de la Recherche Scientifique (CNRS); Universite de Toulouse; Universite Toulouse 1 Capitole; Universite de Toulouse; Universite Toulouse 1 Capitole; Universite Paris Nanterre
摘要：A two period monetary overlapping generations model with efficiency wages is constructed, in which the workers' effort is unobservable and wage contracts verify an incentive compatibility constraint to prevent shirking. Irs dynamics is similar ro the one of a market clearing neoclassical model driven by intertemporal substitution effects, in which the labour supply curve would be replaced by a nonshirking condition. But normative properties of macroeconomic policies differ. In particular emplo...
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作者：Rustichini, A
作者单位：Tilburg University
摘要：Several problems in economic theory can be formulated as a dynamic programming problem, plus an additional incentive compatibility constraint. This constraint requires the continuation value along the chosen sequence, at any point in time, to be larger than some prescribed Function of the state, the control, or perhaps both. This constraint changes the nature of the problem in a substantial way: for instance, even if the problem is discounted, standard arguments based on contraction principles...
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作者：Kocherlakota, NR
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper examines the sets of feasible allocations in a large class of economic environments in which commitment is impossible (following Myerson [8], the standard definition of feasibility is adapted to take account of the lack of commitment). The environments feature either memory or money. Memory is defined as knowledge on the part of an agent of the full histories of all agents with whom he has had direct or indirect contact in the past. Money is defined as an object that does not enter ...
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作者：Shimoji, M; Watson, J
作者单位：University of California System; University of California San Diego
摘要：We propose a notion of conditional dominance for games whose representations designate information sets. We prove that iterated conditional dominance is equivalent to extensive form rationalizability. We also conduct a general analysis of these concepts, yielding new insights on rationalizability and on the equivalence of solutions when applied to different representations of a game. Journal of Economic Literature Classification Numbers: C63, C72, C73. (C) 1998 Academic Press.
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作者：Kocherlakota, N; Wallace, N
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We study a random-matching, absence-of-double-coinsidence environment in which people cannot precommit and in which there are two imperfect ways to keep track of what other people have done in the past: money and a public record of all past actions that is updated with an average lag. We study how the magnitude of that lag affects the allocations that are optimal from among allocations that are stationary and feasible and that satisfy incentive constraints which arise from the absence of commi...
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作者：Al-Najjar, NI
作者单位：Northwestern University
摘要：The paper develops a framework for factor analysis and arbitrage pricing in a large asset economy modeled as one with a continuum of assets. It is shown that the assumptions of absence of arbitrage opportunities and that returns have a strict Factor structure imply exact factor-pricing for a Full measure of assets. Interpreting finite subsets of assets as random draws from the underlying economy, there is probability one that every asset in a finite sample is exactly Factor-priced. It is furth...
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作者：Chang, R
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：This paper develops recursive methods to study optimal and time consistent policy in dynamic models. We analyze a version of Calvo's 1978 monetary model and show that its time consistent outcomes can be completely characterized as the largest fixed point of either of two operators. Recursive application of these operators provides a computing algorithm which always converges to the set of time consistent outcomes. Finally, we obtain valuable information about the nature of time consistent outc...
