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作者：Noor, Jawwad
作者单位：Boston University
摘要：Experiments on static intertemporal choice find evidence of particularly extreme impatience toward immediate rewards. While this is often taken as support for hyperbolic discounting, it could also arise because the most likely participants in experiments may be those with the most immediate need for money. We conduct a calibration exercise and find that the extreme impatience observed in experiments can be accommodated by a standard exponential discounting model with no discounting and expecta...
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作者：Amoros, Pablo
作者单位：Universidad de Malaga
摘要：A jury must provide a ranking of contestants (students applying for scholarships or Ph.D. programs, gymnasts in a competition, etc.). There exists a true ranking which is common knowledge among the jurors, but is not verifiable. The socially optimal rule is that the contestants be ranked according to the true ranking. The jurors are partial and, for example, may have friends (contestants that they would like to benefit) and enemies (contestants that they would like to prejudice). We study nece...
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作者：Barlo, Mehmet; Carmona, Guilherme; Sabourian, Hamid
作者单位：University of Cambridge; Sabanci University; Universidade Nova de Lisboa
摘要：We study the extent to which equilibrium payoffs of discounted repeated games can be obtained by 1-memory strategies. We establish the following in games with perfect (rich) action spaces: First, when the players are sufficiently patient, the subgame perfect Folk Theorem holds with 1-memory. Second, for arbitrary level of discounting, all strictly enforceable subgame perfect equilibrium payoffs can be approximately supported with 1-memory if the number of players exceeds two. Furthermore, in t...
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作者：McGrattan, Ellen R.; Prescott, Edward C.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; Arizona State University; Arizona State University-Tempe
摘要：In this paper, we extend the growth model to include firm-specific technology capital and use it to assess the gains from opening to foreign direct investment. A firm's technology capital is its unique know-how from investing in research and development, brands, and organization capital. Technology capital is distinguished from other forms of capital in that a firm can use it simultaneously in multiple domestic and foreign locations. A country can exploit foreign technology capital by permitti...
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作者：Stokey, Nancy L.
作者单位：University of Chicago
摘要：The substantial adjustment cost for housing affects nondurable consumption and portfolio allocations, as well as the frequency of housing transactions. A simple theoretical model, roughly calibrated, is used to assess the quantitative impact of adjustment costs on those decisions. The impact on portfolios is found to be significant, suggesting that housing wealth should be useful in empirical Studies of portfolio choice. The welfare loss from the transaction cost is also substantial. The effec...
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作者：D'Agostino, Marcello; Dardanoni, Valentino
作者单位：University of Palermo; University of Ferrara
摘要：In this paper we investigate the problem of measuring social mobility when the social status of individuals is given by their rank. In order to sensibly represent the rank mobility of subgroups within a given society, we address the problem in terms of partial permutation matrices which include standard (global) matrices as a special case. We first provide a characterization of a partial ordering on partial matrices which, in the standard case of global matrices, coincides with the well-known ...
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作者：Marcet, Albert; Scott, Andrew
作者单位：University of London; London Business School; Autonomous University of Barcelona; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：We analyse the implications of optimal taxation for the stochastic behaviour of debt. We show that when a government pursues an optimal fiscal policy under complete markets, the value of debt has the same or less persistence than other variables in the economy anti it declines in response to shocks that cause the deficit to increase. By contrast, under incomplete markets debt shows more persistence than other Variables and it increases in response to shocks that Cause a higher deficit. Data fo...
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作者：Houy, Nicolas
作者单位：Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; Ecole Polytechnique
摘要：In a recent article, [S. Goyal, F. Vega-Redondo, Structural holes in social networks, J. Econ. Theory 137 (1) (2007) 460-492] the authors (GVR) showed the importance of stars and cycles in a given network formation game. Implicitly, in their article, a network is called an equilibrium if it is generated by an equilibrium strategy. We extend the results of GVR to the case of a stronger requirement: namely, that a network can be called an equilibrium only if all the strategies generating it are ...
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作者：Ohanian, Lee E.; Prescott, Edward C.; Stokey, Nancy L.
作者单位：University of Chicago; University of California System; University of California Los Angeles; Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This introduces the symposium on dynamic general equilibrium. (C) 2009 Elsevier Inc. All rights reserved.
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作者：Carmona, Guilherme
作者单位：Universidade Nova de Lisboa
摘要：We introduce a notion of upper semicontinuity, weak upper semicontinuity, and show that it, together with a weak form of payoff security, is enough to guarantee the existence of Nash equilibria in compact, quasiconcave normal form games. We show that our result generalizes the pure strategy existence theorem of Dasgupta and Maskin [P. Dasgupta, E. Maskin, The existence of equilibrium in discontinuous economic games, 1: Theory, Rev. Econ. Stud. 53 (1986) 1-26] and that it is neither implied nor...
