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作者：Kamihigashi, Takashi; Stachurski, John
作者单位：Kobe University; Australian National University
摘要：In estimation and calibration studies, the convergence of time series sample averages plays a central role. At the same time, a significant number of economic models do not satisfy the classical ergodicity conditions. Motivated by existing work on asymptotics of stochastic economic models, we develop a new set of results on limits of sample moments and other sample averages using an order-theoretic approach. Our results include a condition that is necessary and sufficient for convergence over ...
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作者：Aoyagi, Masaki; Bhalla, Manaswini; Gunay, Hikmet
作者单位：University of Osaka; Indian Institute of Management (IIM System); Indian Institute of Management Bangalore; University of Manitoba
摘要：This paper studies dynamic price competition between two firms selling differentiated durable goods to two buyers whose valuations of the two goods depend on their own private type as well as that of the other buyer. We derive a key intertemporal property of the equilibrium prices and construct an equilibrium based on this property. We show that social learning reduces the equilibrium prices in the sense that when the buyers are more interdependent and hence have a stronger incentive to wait a...
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作者：Bech, Morten; Monnet, Cyril
作者单位：Bank for International Settlements (BIS); Study Center Gerzensee; University of Bern
摘要：We present a search-based model of the interbank money market and monetary policy implementation. Banks are subject to reserve requirements and the central bank tenders reserves. Interbank payments redistribute holdings and banks trade with each other in a decentralized (over-the-counter) market. The central bank provides standing facilities where banks can either deposit surpluses or borrow to cover shortfalls of reserves overnight. The model provides insights on liquidity, trading volume, an...
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作者：Piskorski, Tomasz; Westerfield, Mark M.
作者单位：Columbia University; University of Washington; University of Washington Seattle; Columbia University; University of Washington; University of Washington Seattle
摘要：We introduce a tractable dynamic monitoring technology into a continuous-time moral-hazard problem and study the optimal long-term contract between principal and agent. Monitoring adds value by allowing the principal to reduce the intensity of performance-based incentives, reducing the likelihood of costly termination. We present a novel characterization of optimal dynamic incentive provision when performance based incentives may decline continuously to zero. Termination happens in equilibrium...
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作者：Shi, Shouyong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：In a large market where sellers post the terms of trade to direct search, I prove that customer relationships arise endogenously in the equilibrium as buyers make repeat purchases and sellers give priority to repeat trades. When the buyer-seller ratio is low, the equilibrium is separating between related and unrelated individuals. When the buyer-seller ratio is high, the equilibrium is partially mixing because a newly related seller attracts both the related buyer and unrelated buyers. Custome...
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作者：Dogan, Battal
作者单位：University of Lausanne
摘要：School choice programs aim to give students the option to choose their school. At the same time, under-represented minority students should be favored to close the opportunity gap. A common way to achieve this is to have a majority quota at each school, and to require that no school be assigned more majority students than its majority quota. An alternative way is to reserve some seats at each school for the minority students, and to require that a reserve seat at a school be assigned to a majo...
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作者：Branch, William A.; Petrosky-Nadeau, Nicolas; Rocheteau, Guillaume
作者单位：University of California System; University of California Irvine; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We develop a two-sector search-matching model of the labor market with imperfect mobility of workers, augmented to incorporate a housing market and a frictional goods market. Homeowners use home equity as collateral to finance idiosyncratic consumption opportunities. A financial innovation that raises the acceptability of homes as collateral raises house prices and reduces unemployment. It also triggers a reallocation of workers, with the direction of the change depending on firms' market powe...
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作者：Hackner, Jonas; Herzing, Mathias
作者单位：Stockholm University
摘要：This paper discusses how marginal costs of public funds are related to various market characteristics under imperfect competition. Under a quite general tax scheme, these costs turn out to be lower the wider the firms' product ranges, the lower the degree of market concentration and the lower the degree of product differentiation. Moreover, marginal costs of taxation are lower in Bertrand markets compared to Cournot markets. In cases when marginal costs of public funds cannot easily be assesse...
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作者：Luo, Yulei; Young, Eric R.
作者单位：University of Hong Kong; University of Virginia
摘要：In this paper we examine the implications of model uncertainty or robustness (RB) for consumption and saving and the market price of uncertainty under limited information-processing capacity (rational inattention or RI). First, we show that RI by itself creates an additional demand for robustness that leads to higher induced uncertainty facing consumers. Second, if we allow capacity to be elastic, RB increases the optimal level of attention. Third, we explore how the induced uncertainty compos...
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作者：Mas, Michael; Nax, Heinrich H.
作者单位：University of Groningen; University of Groningen; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：'Noise' in this study, in the sense of evolutionary game theory, refers to deviations from prevailing behavioral rules. Analyzing data from a laboratory experiment on coordination in networks, we tested 'what kind of noise' is supported by behavioral evidence. This empirical analysis complements a growing theoretical literature on 'how noise matters' for equilibrium selection. We find that the vast majority of decisions (96%) constitute myopic best responses, but deviations continue to occur w...
