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作者：Cho, IK; Matsui, A
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Tokyo
摘要：We study infinitely repeated symmetric 2x2 games played by bounded rational agents who follow a simple rule of thumb: each agent continues to play the same action if the current payoff exceeds the average of the past payoffs, and switches to the other action with a positive probability otherwise. By applying the stochastic approximation technique, we characterize the asymptotic outcomes for all 2x2 games. In the prisoners' dilemma game, for example, the players cooperate in the limit if and on...
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作者：Fraser, CD
作者单位：University of Leicester
摘要：This note corrects a slip in Fraser's (J. Econ. Theory 90 (2000) 204-221) treatment of the necessary condition for partial separation of efficiency from distribution in providing a club good. His corrected Theorem 1 shows that many families of utility function can generate partial (and total) separation, thereby considerably extending the scope of his analysis. (c) 2004 Elsevier Inc. All rights reserved.
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作者：Veldkamp, LL
作者单位：New York University
摘要：Many asset markets exhibit slow booms and sudden crashes. This pattern is explained by an endogenous flow of information. In the model, agents undertake more economic activity in good times than in bad. Economic activity generates public information about the state of the economy. If the economic state changes when times are good and information is abundant, asset prices adjust quickly and a sudden crash occurs. When times are bad, scarce information and high uncertainty slow agents' reactions...
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作者：Boucekkine, R; Licandro, O; Puch, LA; del Rio, F
作者单位：European University Institute; Universite Catholique Louvain; Universite Catholique Louvain; Complutense University of Madrid; Universidade de Santiago de Compostela
摘要：This paper analyzes the equilibrium dynamics of an AK-type endogenous growth model with vintage capital. The inclusion of vintage capital leads to oscillatory dynamics governed by replacement echoes, which additionally influence the intercept of the balanced growth path. These features, which are in sharp contrast to those from the standard AK model, can contribute to explaining the short-run deviations observed between investment and growth rates time series. To characterize the optimal solut...
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作者：Bassetto, M
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：How should a government use the power to commit to ensure a desirable equilibrium outcome? In this paper, I show a misleading aspect of what has become a standard approach to this question, and I propose an alternative. I show that the complete description of an optimal (indeed, of any) policy scheme requires outlining the consequences of paths that are often neglected. The specification of policy along those paths is crucial in determining which schemes implement a unique equilibrium and whic...
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作者：Nishimura, K; Stachurski, J
作者单位：Universite Catholique Louvain; Kyoto University
摘要：The paper proposes an Euler equation technique for analyzing the stability of differentiable stochastic programs. The main innovation is to use marginal reward directly as a Foster-Lyapunov function. This allows us to extend known stability results for stochastic optimal growth models, both weakening hypotheses and strengthening conclusions. (c) 2004 Elsevier Inc. All rights reserved.
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作者：Hellwig, MF
作者单位：Max Planck Society
摘要：The paper studies insurance with moral hazard in a system of contingent-claims markets. Insurance buyers are modelled as Cournot monopolists or oligopolists. The other agents condition their expectations on market prices, as in models of rational-expectations equilibrium with asymmetric information. Thereby they correctly anticipate accident probabilities corresponding to effort incentives induced by insurance buyers' net trades. When there are many agents to share the insurance buyers' risks,...
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作者：Cho, IK
作者单位：University of Illinois System; University of Illinois Urbana-Champaign
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作者：Ghiglino, C
作者单位：University of London; Queen Mary University London; University of Bern
摘要：We explore the link between wealth inequality and stability in a two-sector neoclassical growth model with heterogeneous agents. We show that when the inverse of absolute risk aversion (or risk tolerance) is a strictly convex function, wealth inequality is a factor that favors instability. In the opposite case, inequality favors stability. Our characterization also shows that whenever absolute risk tolerance is linear, as when preferences exhibit hyperbolic absolute risk aversion (HARA), wealt...
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作者：Le Van, C; Vailakis, Y
作者单位：Universite Catholique Louvain
摘要：In this paper, we propose a unifying approach to the study of recursive economic problems. Postulating an aggregator function as the fundamental expression of tastes, we explore conditions under which a utility function can be constructed. We also modify the usual dynamic programming arguments to include this class of models. We show that Bellman's equation still holds, so many results known for the additively separable case can be generalized for this general description of preferences. Our a...
