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作者：Gu, Chao; Mattesini, Fabrizio; Monnet, Cyril; Wright, Randall
作者单位：University of Missouri System; University of Missouri Columbia; University of Rome Tor Vergata; University of Bern; Study Center Gerzensee; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research
摘要：This paper studies models of credit with limited commitment and, therefore, endogenous debt limits. There are multiple stationary equilibria plus nonstationary equilibria in which credit conditions change simply because of beliefs. There can be equilibria in which debt limits display deterministic cyclic or chaotic dynamics, as well as stochastic (sunspot) equilibria in which they fluctuate randomly, even though fundamentals are deterministic and time invariant. Examples and applications are d...
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作者：Quah, John K. -H.; Strulovici, Bruno
作者单位：University of Oxford; Northwestern University
摘要：How do discount rates affect agents' decisions and valuations? This paper provides a general method to analyze this question, allowing stochastic and managed cash flows, stochastic discount rates, and time inconsistency and including arbitrary learning and payoff or utility processes. We show that some of these features can lead to counterintuitive answers (e.g., a more patient agent stops earlier), but we also establish, under simple conditions, theorems yielding robust predictions concerning...
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作者：Ordonez, Guillermo
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Economic variables move asymmetrically over the business cycle: quickly during crises but slowly during recoveries. I show that this asymmetry is stronger in countries with less developed financial systems and greater financial frictions. Then I explain this fact using a learning model with endogenous information about economic conditions. Financial frictions, which I capture by higher bankruptcy costs, magnify the reaction of lending rates and economic activity to negative shocks and then del...
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作者：Hatfield, John William; Kominers, Scott Duke; Nichifor, Alexandru; Ostrovsky, Michael; Westkamp, Alexander
作者单位：University of Texas System; University of Texas Austin; Harvard University; University of Chicago; University of St Andrews; Stanford University; Maastricht University
摘要：We introduce a model in which agents in a network can trade via bilateral contracts. We find that when continuous transfers are allowed and utilities are quasi-linear, the full substitutability of preferences is sufficient to guarantee the existence of stable outcomes for any underlying network structure. Furthermore, the set of stable outcomes is essentially equivalent to the set of competitive equilibria, and all stable outcomes are in the core and are efficient. By contrast, for any domain ...
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作者：Bordalo, Pedro; Gennaioli, Nicola; Shleifer, Andrei
作者单位：University of London; Bocconi University; Harvard University
摘要：We present a theory of context-dependent choice in which a consumer's attention is drawn to salient attributes of goods, such as quality or price. An attribute is salient for a good when it stands out among the good's attributes relative to that attribute's average level in the choice set (or, more broadly, the choice context). Consumers attach disproportionately high weight to salient attributes, and their choices are tilted toward goods with higher quality/price ratios. The model accounts fo...
