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作者：Lloyd-Braga, Teresa; Modesto, Leonor; Seegmuller, Thomas
作者单位：Universidade Catolica Portuguesa; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：We provide a methodology to study the role of market distortions on the emergence of indeterminacy and bifurcations. It consists in introducing general specifications for the elasticities of the crucial functions defining the aggregate equilibrium dynamics of the model. This allows us to study how market distortions influence the range of values for the elasticity of input substitution under which local indeterminacy and bifurcations occur, highlighting the main channels and classes of distort...
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作者：Moulin, Herve; Ray, Indrajit; Sen Gupta, Sonali
作者单位：Rice University; University of Birmingham; Lancaster University
摘要：We consider a class of symmetric two-person quadratic games where coarse correlated equilibria CCE - (Moulin and Vial [16]) can strictly improve upon the Nash equilibrium payoffs, while correlated equilibrium - CE - (Aumann [3,4]) cannot, because these games are potential games with concave potential functions. We compute the largest feasible total utility in any CCE in those games and show that it is achieved by a CCE involving only two pure strategy profiles. Applications include the Cournot...
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作者：Kuzmics, Christoph; Palfrey, Thomas; Rogers, Brian W.
作者单位：University of Bielefeld; California Institute of Technology; Washington University (WUSTL)
摘要：We study symmetric play in a class of repeated games when players are patient. We show that, while the use of symmetric strategy profiles essentially does not restrict the set of feasible payoffs, the set of equilibrium payoffs is an interesting proper subset of the feasible and individually rational set. We also provide a theory of how rational individuals play these games, identifying particular strategies as focal through the considerations of Pareto optimality and simplicity. We report exp...
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作者：Barlevy, Gadi
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This paper develops a model of credit-driven bubbles and asks when it gives rise to the patterns that policymakers often use to gauge the presence of a bubble. The model suggests patterns like rapid price appreciation and speculative trade do not always occur whenever a bubble is present, but they do occur when assets are especially overvalued. The model also has implications as to what type of contracts will be used to finance the purchase of bubble assets. These predictions are consistent wi...
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作者：Hu, Ju
作者单位：University of Pennsylvania
摘要：This note extends Wiseman [6] to more general reputation games with exogenous learning. Using Gossner's [4] relative entropy method, we provide an explicit lower bound on all Nash equilibrium payoffs of the long-lived player. The lower bound shows that when the exogenous signals are sufficiently noisy and the long-lived player is patient, he can be assured of a payoff strictly higher than his minmax payoff. (C) 2014 Elsevier Inc. All rights reserved.
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作者：Cherchye, Laurens; Demuynck, Thomas; De Rock, Bram
作者单位：KU Leuven; Maastricht University; Universite Libre de Bruxelles
摘要：We present necessary and sufficient revealed preference conditions to verify whether a finite data set on nonlinear budget sets is consistent with the maximization of a quasi-concave utility function. When budget sets are finite unions of polyhedral convex sets, these conditions require feasibility of a set of linear inequalities, which makes them easy to use in practical applications. (C) 2014 Elsevier Inc. All rights reserved.
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作者：Alon, Shiri; Lehrer, Ehud
作者单位：Bar Ilan University; Tel Aviv University; INSEAD Business School
摘要：This paper deals with an incomplete relation over events. Such a relation naturally arises when likelihood estimations are required within environments that involve ambiguity, and in situations which engage multiple assessments and disagreement among individuals' beliefs. The paper characterizes binary relations over events, interpreted as likelihood relations, that can be represented by a unanimity rule applied to a set of prior probabilities. According to this representation an event is at l...
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作者：Chambers, Christopher P.; Miller, Alan D.
作者单位：University of California System; University of California San Diego; University of Haifa; University of Haifa
摘要：We introduce a new class of measures of scholarly influence, which we term step-based indices. This class includes the prominent h-index, the publication count, and the i10-index. We show that the class of step-based indices is characterized by two axioms, consistency with worse scientists and consistency with better scientists. We also introduce a new index, the junior/senior-index, which is a step-based index that combines the best features of the h-index with those of the i10-index. (C) 201...
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作者：Hommes, Cars; Zhu, Mei
作者单位：University of Amsterdam; Tinbergen Institute; Shanghai University of Finance & Economics; Shanghai University of Finance & Economics
摘要：We propose behavioral learning equilibria, where boundedly rational agents learn to use a simple univariate linear forecasting rule with correctly specified unconditional mean and first-order autocorrelation. In the long run, agents learn the best univariate linear forecasting rule, without fully recognizing the more complex structure of the economy. An important feature of behavioral learning equilibria is simplicity and parsimony, which makes coordination of individual expectations on such a...
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作者：Kwong, Kai-Sun
作者单位：Chinese University of Hong Kong
摘要：This paper establishes a correspondence principle in a system of cooperative differential equations. Equilibria that are locally asymptotically stable must exhibit monotone comparative statics. In a wider context, all equilibria that exhibit monotone comparative statics are locally asymptotically stable. The orbits of such systems are nondecreasing in the parameter and the adjustment dynamics after a parameter change are monotone and convergent to a unique limit. Our results can be applied to ...
