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作者：Kubler, Felix
作者单位：University of Zurich; Swiss Finance Institute (SFI)
摘要：In this paper, I examine epsilon-equilibria of stationary dynamic economies with heterogeneous agents and possibly incomplete financial markets. I give a simple example to show that even for arbitrarily small epsilon > 0, allocation and prices can be far away from exact equilibrium allocations and prices. That is, errors in market clearing or individuals' optimality conditions do not provide enough information to assess the quality of an approximation. I derive a sufficient condition for an ep...
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作者：Acemoglu, Daron; Dahleh, Munther A.; Lobel, Ilan; Ozdaglar, Asuman
作者单位：Massachusetts Institute of Technology (MIT); New York University
摘要：We study the (perfect Bayesian) equilibrium of a sequential learning model over a general social network. Each individual receives a signal about the underlying state of the world, observes the past actions of a stochastically generated neighbourhood of individuals, and chooses one of two possible actions. The stochastic process generating the neighbourhoods defines the network topology. We characterize pure strategy equilibria for arbitrary stochastic and deterministic social networks and cha...
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作者：Dal Bo, Ernesto; Rossi, Martin A.
作者单位：University of California System; University of California Berkeley
摘要：We evaluate the effects of a fundamental lever of constitutional design: the duration of public office terms. We present a simple model grounded in interviews with legislators and highlight three forces shaping incentives to exert legislative effort. We exploit two natural experiments in the Argentine Congress (where term lengths were assigned randomly) to ascertain which forces are empirically dominant. Results for separate measures as well as an aggregate index of legislative effort show tha...
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作者：Galichon, Alfred; Henry, Marc
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique; Universite de Montreal
摘要：We propose a computationally feasible way of deriving the identified features of models with multiple equilibria in pure or mixed strategies. It is shown that in the case of Shapley regular normal form games, the identified set is characterized by the inclusion of the true data distribution within the core of a Choquet capacity, which is interpreted as the generalized likelihood of the model. In turn, this inclusion is characterized by a finite set of inequalities and efficient and easily impl...
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作者：Rege, Mari; Telle, Kjetil; Votruba, Mark
作者单位：Universitetet i Stavanger; University System of Ohio; Case Western Reserve University
摘要：Using Norwegian register data, we estimate how children's school performance is affected by their parents' exposure to plant closure. Our estimates suggest that paternal job loss has a negative effect on children's school performance. In contrast, maternal job loss is associated with a non-significant increase in school performance. Importantly, the negative effect of paternal job loss appears largely unrelated to its effect on father's income, father's employment status, a shift in maternal t...
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作者：Liu, Qingmin
作者单位：University of Pennsylvania
摘要：We study dynamic incentives and behaviour in markets with costly discovery of past transactions. In our model, a sequence of short-lived customers interact over time with a single long-lived firm that privately knows its type (good or opportunistic). Customers must pay to observe the firm's past behaviour. We characterize the equilibrium structure that features accumulation, consumption, and restoration of reputation. The opportunistic firm deliberately builds its reputation up to a point wher...
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作者：Kessler, Anke S.; Hansen, Nico A.; Lessmann, Christian
作者单位：Simon Fraser University; Technische Universitat Dresden
摘要：The paper studies the effects and the determinants of interregional redistribution in a model of residential and political choice. We find that paradoxical consequences of interjurisdictional transfers arise if people are mobile: while self-sufficient regions are necessarily identical with respect to policies and average incomes in our model, interregional redistribution always leads to the divergence of regional policies and per capita incomes. Thus, interregional redistribution prevents inte...
