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作者：Mossay, P.; Picard, P. M.
作者单位：University of Luxembourg; University of Reading; Universite Catholique Louvain
摘要：Social interactions are at the essence of societies and explain the gathering of individuals in villages, agglomerations, or cities. We study the emergence of multiple agglomerations as resulting from the interplay between spatial interaction externalities and competition in the land market. We show that the geography of the spatial economy affects significantly the properties of spatial equilibria. In particular, when agents locate on an open land strip (line segment), a single city emerges i...
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作者：Diaz, Antonia; Perera-Tallo, Fernando
作者单位：Universidad Carlos III de Madrid; Universidad de la Laguna
摘要：In this paper we study the effects of monetary policy on privately supplied credit in model economies where money is needed for transaction purposes and agents who default on their loans cannot participate in the credit market but are allowed to accumulate money. In our deterministic benchmark economy where agents alternate in productivity, credit has the role of smoothing consumption. We show that deflation crowds out credit completely. The reason is that deflation increases the value of bein...
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作者：Golman, Russell
作者单位：University of Michigan System; University of Michigan
摘要：This paper introduces a model of quantal response equilibrium with heterogeneous agents and demonstrates the existence of a representative agent for such populations. Except in rare cases, the representative agent's noise terms cannot be independently and identically distributed across the set of actions, even if that is assumed for the individual agents. This result demonstrates a fundamental difference between a representative agent and truly heterogeneous quantal responders and suggests tha...
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作者：Acemoglu, Daron; Golosov, Mikhail; Tsyvinski, Aleh
作者单位：Yale University; Massachusetts Institute of Technology (MIT)
摘要：We study (constrained) Pareto efficient allocations in a dynamic production economy where the group that holds political power decides the allocation of resources. For high discount factors, the economy converges to a first-best allocation where labor supply decisions are not distorted. For low discount factors, distortions do not disappear and fluctuate over time. Most importantly, the set of sustainable first-best allocations is larger when there is less persistence in the identity of the pa...
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作者：Kilenthong, Weerachart T.; Townsend, Robert M.
作者单位：University Thai Chamber Commerce; Massachusetts Institute of Technology (MIT)
摘要：This paper studies the efficiency of competitive equilibria in environments with a moral hazard problem and unobserved states, both with retrading in ex post spot markets. The interaction between private information problems and the possibility of retrade creates an externality, unless preferences have special, restrictive properties. The externality is internalized by allowing agents to contract ex ante on market fundamentals determining the spot price or interest rate, over and above contrac...
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作者：Chen, Yi-Chun; Xiong, Siyang
作者单位：Rice University; National University of Singapore
摘要：Barelli [P. Barelli, On the genericity of full surplus extraction in mechanism design, J. Econ. Theory 144 (2009) 1320-1332] defines beliefs-determine-preferences (BDP) models and argues that BDP models are nongeneric in a topological sense. In this note, we point out some difficulties in Barelli's approach. Furthermore, we follow the idea of Heifetz and Neeman [A. Heifetz, Z. Neeman, On the generic (im)possibility of full surplus extraction, Econometrica 74 (2006) 213-233] to propose a more r...
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作者：Alos-Ferrer, Carlos; Kern, Johannes; Ritzberger, Klaus
作者单位：University of Konstanz
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作者：Lahkar, Ratul
作者单位：KREA University; IFMR - Graduate School of Business (GSB)
摘要：We adopt an evolutionary framework to explain price dispersion as a time varying phenomenon. By developing a finite strategy analogue of the Burdett and Judd (1983) price dispersion model, we show that all dispersed price equilibria are unstable under the class of perturbed best response dynamics. Instead, numerical simulations using the logit dynamic show that price dispersion manifests itself as a limit cycle. We verify that limit cycles persist even when the finite strategy model approaches...
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作者：Cerreia-Vioglio, S.; Maccheroni, F.; Marinacci, M.; Montrucchio, L.
作者单位：Bocconi University; Bocconi University; University of Turin; Collegio Carlo Alberto
摘要：We study uncertainty averse preferences, that is, complete and transitive preferences that are convex and monotone. We establish a representation result, which is at the same time general and rich in structure. Many objective functions commonly used in applications are special cases of this representation. (C) 2011 Elsevier Inc. All rights reserved.
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作者：Adam, Klaus; Marcet, Albert
作者单位：University of Mannheim; University of London; London School Economics & Political Science
摘要：We present a decision theoretic framework in which agents are learning about market behavior and that provides microfoundations for models of adaptive learning. Agents are 'internally rational', i.e., maximize discounted expected utility under uncertainty given dynamically consistent subjective beliefs about the future, but agents may not be 'externally rational', i.e., may not know the true stochastic process for payoff relevant variables beyond their control. This includes future market outc...
