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作者：Prescott, EC; Ríos-Rull, JV
作者单位：University of Pennsylvania; Arizona State University; Arizona State University-Tempe; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Necessary conditions for equilibrium are that beliefs about the behavior of other agents are rational and individuals maximize. We argue that in stationary OLG environments this implies that any future generation in the same situation as the initial generation must do as well as the initial generation did in that situation. We conclude that the existing equilibrium concepts in the literature do not satisfy this condition. We then propose an alternative equilibrium concept, organizational equil...
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作者：Kessler, AS; Lülfesmann, C; Schmitz, PW
作者单位：Simon Fraser University; University of Bonn
摘要：The article studies an adverse selection model in which a contractible, imperfect signal on the agent's type is revealed ex post. The agent is wealth constrained, which implies that the maximum penalty depends on the contracted transaction (e.g., the volume of trade). First, we show that the qualitative effects of the signal can be unambiguously tied to the nature of the problem (e.g., whether the agent is in a buyer or a seller position). Second, the distortions caused by informational asymme...
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作者：Henderson, DJ; Russell, RR
作者单位：University of California System; University of California Riverside; State University of New York (SUNY) System; Binghamton University, SUNY
摘要：Using nonparametric, production-frontier methods, we decompose labor productivity growth into components attributable to technological change (shifts in the world production frontier), technological catch-up (movements toward or away from the frontier), and physical and human capital accumulation (movements along the frontier). We find that (1) technological change is decidedly nonneutral, (2) productivity growth is driven primarily by physical and human capital accumulation, (3) the increased...
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作者：Elliott, G; Timmermann, A
作者单位：University of California System; University of California San Diego
摘要：This article proposes a new forecast coin hi nation method that lets the combination weights be driven by regime switching in a latent state variable. An empirical application that combines forecasts from survey data and time series models finds that the proposed regime switching combination scheme performs well for a variety of macroeconomic variables. Monte Carlo simulations shed light on the type of data-generating processes for which the proposed combination method call be expected to perf...
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作者：Lewis, TR; Yildirim, H
作者单位：Duke University
摘要：This article examines the use of switching costs by long-lived strategic buyers to manage dynamic competition between rival suppliers. The analysis reveals how buyers may employ switching costs to their advantage. We show that when switching costs are high, a buyer may induce suppliers to price more competitively by credibly threatening to replace the incumbent supplier with his rivals. The implications of this finding for adoption of technology and firm organization are explored in settings i...
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作者：Ohkawa, T; Okamura, M; Nakanishi, N; Kiyono, K
作者单位：Kobe University; Hiroshima University; Waseda University; Ritsumeikan University
摘要：We consider the effects of free entry on the market structure and social welfare of an asymmetric Cournot oligopoly. Even if we allow for the existence of different types of firms initially, only one type (in almost all cases) can survive in the long run. Free entry leads an economy to a symmetric equilibrium, in which the excess entry theorem holds. Further, we consider the socially optimal policy for this economy. In cases of either (i) a concave demand (which implies strategic substitutabil...
