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作者：Cabrales, A
作者单位：Pompeu Fabra University
摘要：This article studies the replicator dynamics in the presence of shocks. I show that under these dynamics, strategies that do not survive the iterated deletion of strictly dominated strategies are eliminated in the long run, even in the presence of nonvanishing perturbations. I also give an example that shows that the stochastic dynamics in this article have equilibrium selection properties that differ from other dynamics in the literature.
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作者：Teulings, CN
作者单位：Tinbergen Institute; Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
摘要：While the employment effects of minimum wages are usually reported to be small (suggesting low substitutability between skill types), direct estimates suggest a much larger degree of substitutability. This article argues that this paradox is largely due to a bias induced by the aggregation of skill types into broad categories. An assignment model is applied where skilled workers have a comparative advantage in complex jobs. The implied pattern of substitutability reveals the sources of the bia...
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作者：Olivier, J
作者单位：National University of Singapore
摘要：This article challenges the conventional wisdom that speculation in financial markets reduces long-run growth. It shows that the real impact of a (rational deterministic) speculative bubble depends on the type of asset that is being speculated on. Speculative bubbles on equity raise the market value of firms, thus encouraging entrepreneurship, firm creation, investment, and growth. On the other hand, speculation on other types of assets is shown to be: unambiguously growth-impairing. The model...
