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作者：Rabin, M; Sobel, J
作者单位：University of California System; University of California San Diego
摘要：Existing equilibrium refinements rule out Nash equilibria susceptible to deviations. We propose a framework for considering not only equilibria impervious to deviations, but also equilibria likely to recur in the long run because they are repeatedly deviated to. We explore which equilibria are recurrent with respect to the deviations underlying some existing signaling refinements. We show that the set of recurrent equilibria based on Cho and Kreps's (1987) intuitive criterion is equivalent to ...
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作者：Ching, S
摘要：We consider the problem of electing candidates in situations where the number of candidates and the number of voters may vary. An election consists of a set of candidates and a set of voters. A voting rule associates a non-empty subset of candidates with each election. We show that there is only one rule that satisfies neutrality, anonymity, independence of dominated candidates, and reinforcement. The rule is known as plurality rule: It elects the candidates that are ranked first by the larges...
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作者：Raith, M
摘要：Under which conditions do oligopolists have an incentive to share private information about a stochastic demand or stochastic costs? We present a general model which encompasses virtually all models of the existing literature on information sharing as special cases. Within this unifying framework we show that in contrast to the apparent inconclusiveness of previous results some simple principles determining the incentives to share information can be obtained. Existing results are generalized, ...
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作者：Bond, EW; Wang, P; Yip, CK
作者单位：University System of Georgia; Georgia State University; Chinese University of Hong Kong
摘要：We examine a two-sector endogenous growth model with general constant-return-to-scale production technologies governing the evolution of human and physical capital. We prove the existence, uniqueness, and saddle-path stability of the balanced growth equilibrium. A dual approach drawing on techniques from international trade theory is used to provide complete characterization of the transitional dynamics of consumption, goods and education outputs, human and physical capital inputs, and the rel...
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作者：Prechac, C
作者单位：heSam Universite; Universite Pantheon-Sorbonne
摘要：This note provides an alternative proof of a recent result of Balasko, Cass, and Shell, namely that the set of regular symmetric economies of a sunspot model with complete markets coincides with the set of regular economics of the underlying model without uncertainty. Besides being more elementary, our proof provides additional information on the structure of the set of critical equilibria. (C) 1996 Academic Press, Inc.
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作者：Prechac, C
摘要：We introduce a financial intermediary into the stationary OLG model and investigate the efficiency of the selection procedure based on the maximisation of its commisions. (C) 1996 Academic Press, Inc.
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作者：Bottazzi, JM; Hens, T
作者单位：Harvard University; University of Bonn; Stanford University
摘要：This paper is aimed al characterizing excess demand functions around noncritical spot price systems in two-period exchange economies with incomplete markets and real assets. (C) 1996 Academic Press, Inc.
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作者：Eichberger, J; Kelsey, D
作者单位：University of Melbourne; University of Birmingham
摘要：In this paper we show that while individuals with non-additive beliefs may display a strict preference for randomisation in an Anscombe-Aumann framework, they will not do so in a Savage style decision theory. Moreover they will be indifferent to randomisation, unless they have strict preferences between two randomising devices with the same probabilities. We argue that this is related to the distinction between one- and two-stage Choquet integrals. We believe our result will have implications ...
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作者：Kranich, L
摘要：We propose an axiomatic approach to ranking lists of opportunity sets of the form O = (O-1, ..., O-n) on the basis of fairness. First, we consider two agents each of whom faces a finite set of opportunities. To demonstrate the tractability of our approach, we axiomatically characterize the cardinality difference relation according to which O is more equitable than O' if the difference between the cardinalities of the sets in O is less than the difference in O'. We then generalize the analysis ...
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作者：Bernhardt, D; Hughson, E
作者单位：Utah System of Higher Education; University of Utah
摘要：This paper incorporates institutional features of trading markets including the discrete nature of the price grid and determines the consequences for prices and strategic behavior. Interactions between market makers is complex: because equi librium prices are not determined by a zero-expected-profits condition, priority rules and the timing of offers have significant effects on equilibrium outcomes. Discreteness effectively limits competition and permits market makers to offer profitable quote...
