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作者：Prat, A
作者单位：Tilburg University
摘要：Capacity is defined as the number of information items a processor can handle in a given time. This note studies the properties of a hierarchy of processors in which the capacities of processors are choice variables. The hierarchy must pay each processor it decides to employ a wage which is an increasing function of the prl,ct ssor's capacity. It is shown that efficient hierarchies tend to be characterized by three simple properties: iii within any given level, capacity is uniform, (ii)across ...
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作者：Leshno, M; Levy, H; Spector, Y
摘要：Rothschild and Stiglitz (R&S) were the first to define and introduce the concept of one asset being more risky than another one. Therefore, their paper is a cornerstone in the theory of risk. Nevertheless, there is an error in a construction of the mean preserving spread (MPS) in Lemma 1 of the paper. The correction of the proof of R&S is important particularly as the paper is widely taught in courses dealing with uncertainty and risk analysis. We modified R&S's MPS and show that all their con...
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作者：Pietra, T; Siconolfi, P
作者单位：Columbia University; University of Salento
摘要：We study a financial economy with finitely many states of private information. There are two agents, informed and uninformed. We define agents' expectations on future equilibrium prices as a probability distribution over K distinct values, i.e. we introduce K extrinsic events. We show that there are open sets of economies with nonrevealing land also with partially revealing) equilibria: For an appropriate choice of self-fulfilling price expectations, observable equilibrium prices are signal-in...
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作者：Smith, TE; Zenou, Y
作者单位：Universite Paris-Pantheon-Assas; Universite Catholique Louvain
摘要：A two-sector model of urban employment is developed which focuses on the formation of a secondary sector in response to a primary-sector demand shock. The optimal location of this (single-firm) sector is shown to give rise to a multicentric urban spatial structure. Conditions are then established under which the new labor market equilibrium involves both a decrease in unemployment and an increase in net income for those unemployed. These results are extended to a case where all unemployment be...
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作者：Cole, HL; Prescott, EC
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper considers model worlds in which there is a continuum of individuals who form finite-sized associations to undertake joint activities. We show how, through a suitable choice of commodity space, restrictions on the composition of feasible groups can be incorporated into the specification of the consumption and production sets of the economy. We also show that if there are a finite number of types, then the classical results From the competitive analysis of convex finite-agent economie...
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作者：Burdett, K; Coles, MG
摘要：In a model of noisy search where customers repeat purchase, this paper characterises an equilibrium where each store changes its price as its stock of regular customers changes through time. As stores in the market are of different size (and age), price dispersion is an equilibrium outcome. Along the equilibrium path, smaller (younger) stores announce lower prices and grow faster than larger (established) stores. Furthermore, the youngest stores set prices below marginal cost to build business...
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作者：Einy, E; Holzman, R; Monderer, D; Shitovitz, B
作者单位：Technion Israel Institute of Technology; Technion Israel Institute of Technology; University of Haifa
摘要：We show that the core of a continuous convex game on a measurable space of players is a von Neumann-Morgenstern stable set. We also extend the definition of the Mas-Colell bargaining set to games with a measurable space of players and show that for continuous convex games the core may be strictly included in the bargaining set but it coincides with the set of all countably additive payoff measures in the bargaining set. We provide examples which show that the continuity assumption is essential...
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作者：Aliprantis, CD; Border, KC; Burkinshaw, O
作者单位：Purdue University System; Purdue University; Purdue University in Indianapolis; California Institute of Technology
摘要：We discuss the two fundamental theorems of welfare economics in the context of the Arrow-Debreu-McKenzie model with an infinite dimensional commodity space. Journal of Economic Literature Classification Numbers: C62, D51, D61. (C) 1997 Academic Press.
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作者：Garratt, R; Qin, CZ
摘要：Given a game, the set of joint lotteries over partitions of the agents of any subgame induces a subset of the vectors of balancing weights for the subgame. Games whose subgames are all balanced with respect to these vectors of balancing weights are called totally L-balanced games. We show that such games are precisely the ones that can be generated from direct lottery markets. Total L-balancedness is equivalent to superadditivity. Thus, many interesting games that are not totally balanced, but...
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作者：Aiyagari, SR; Wallace, N
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Miami
摘要：Policy regarding what the government accepts in transactions is embedded in a version of the Kiyotaki-Wright model of media of exchange. In an example with two goods and one fiat money, the policies that are consistent with fiat money as the unique medium of exchange are identified. These policies have the government favoring fiat money in its transactions. A benefit and a cost accompany any such policy. The benefit is that a worse nonmonetary steady state is eliminated; the cost is that a bet...
