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作者：Magill, Michael; Quinzii, Martine
作者单位：University of California System; University of California Davis; University of Southern California
摘要：This article uses Taylor series expansions and the assumption of small risks to derive a comoment criterion that firms should maximize so that the resulting equilibrium is Pareto optimal. This is done in two models of production under uncertainty: the state-of-nature (SN) model in which the firms' outputs depend on states of nature and financial markets are complete with respect to these states of nature and the probability (P) model in which the firms' risky outputs are modeled by their joint...
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作者：Evans, George W.; Honkapohja, Seppo; Williams, Noah
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Oregon; University of St Andrews
摘要：We study the properties of the generalized stochastic gradient (GSG) learning in forward-looking models. GSG algorithms are a natural and convenient way to model learning when agents allow for parameter drift or robustness to parameter uncertainty in their beliefs. The conditions for convergence of GSG learning to a rational expectations equilibrium are distinct from but related to the well-known stability conditions for least squares learning.
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作者：Keane, Michael P.; Sauer, Robert M.
作者单位：University of Bristol; University of Technology Sydney
摘要：This article develops a simulation estimation algorithm that is particularly useful for estimating dynamic panel data models with unobserved endogenous state variables Repeated sampling experiments on dynamic probit models with serially correlated errors indicate the estimator has good small sample properties We apply the estimator to a model of female labor supply and show that the rarely used Polya model fits the data substantially better than the popular Markov model The Polya model also pr...
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作者：Chakrabarti, Subir K.
作者单位：Purdue University System; Purdue University; Purdue University in Indianapolis
摘要：The article studies collusive equilibria in an infinitely repeated Cournot oligopoly with unknown costs I look at collusive pooled Perfect Bayesian equilibria and separating equilibria either with signaling or with communication In the separating equilibria with signaling the firms play the strictly separating Bayesian Nash equilibrium in period 1 and produce the optimal incentive compatible collusive quantity vector from period 2 onwards In the separating equilibrium with communication the op...
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作者：Flabbi, Luca
作者单位：Georgetown University
摘要：This article develops a search model of the labor market with matching, bargaining, and employers' taste discrimination in which-under necessary but standard distributional assumption-it is possible to separately identify gender discrimination and unobserved productivity differences. The equilibrium shows that both prejudiced and unprejudiced employers wage discriminate. Maximum likelihood estimates on CPS data indicate that half of the employers are prejudiced, average female productivity is ...
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作者：Head, Allen; Kumar, Alok; Lapham, Beverly
作者单位：Queens University - Canada; University of Victoria
摘要：We study a monetary search economy in which endogenous fluctuations in market power driven by changes in consumers' search intensity determine the extent of price adjustment to movements in productivity and the money growth rate. A calibrated version of the economy exhibits countercyclical fluctuations in markups and is consistent with the observed incomplete response of nominal prices to cost movements associated with productivity fluctuations and to changes in the money growth rate. Furtherm...
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作者：Impulliti, Giammario
作者单位：University of Cambridge
摘要：In the early 1970s US firms were the uncontested world leaders in R&D investment in most manufacturing sectors Later led by Japan and Europe foreign firms began to challenge American R&D leadership in many sectors of the economy This period of increasing technological competition is contemporaneous with a substantial increase in US R&D subsidies What is the effect of the observed increase in international competition on US welfare? How does foreign competition affect the optimal R&D subsidy in...
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作者：Mattozzi, Andrea
作者单位：California Institute of Technology
摘要：This article investigates how uncertainty about the adoption of a redistribution policy affects political support for redistribution when individuals can trade policy-contingent securities in the stock market. In equilibrium the support for redistribution is smaller than where no policy-insurance market is available. This implies that in economies with well-developed financial markets redistribution decreases with the level of participation in these markets and with income inequality. Furtherm...
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作者：Brechet, Thierry; Picard, Pierre M.
作者单位：Universite Catholique Louvain; Universite Catholique Louvain
摘要：This article presents a market design for the management of noise pollution created by aircraft traffic around airports A local market for noise licenses allows noise generators to compensate noise victims and to meet social acceptability We show that the market allows the market designer to implement the social planner s optimal allocation of flights as long as the latter does not put too high a weight in his/her objective function on firms profits compared to the disutility of noise pollutio...
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作者：Duffy, John; Feltovich, Nick
作者单位：University of Aberdeen; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We report results from an experiment that explores the empirical validity of correlated equilibrium, an important generalization of Nash equilibrium. Specifically, we examine the conditions under which subjects playing the game of Chicken will condition their behavior on private third-party recommendations drawn from publicly announced distributions. We find that when recommendations are given, behavior differs from both a mixed-strategy Nash equilibrium and behavior without recommendations. I...
