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作者：Peck, J; Spear, SE
作者单位：University System of Ohio; Ohio State University; Carnegie Mellon University
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作者：Green, EJ; Lin, P
作者单位：Lingnan University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：In a finite-trader version of the Diamond and Dybvig (J. Polit. Econ. 91 (1983) 401) model, the ex ante efficient allocation is implementable by a direct mechanism (i.e., each trader announces the type of his own ex post preference) in which truthful revelation is the strictly dominant strategy for each trader. When the model is modified by formalizing the sequential-service constraint (cf. Wallace (Fed. Reserve Bank Minneapolis Quart. Rev. 12 (1988) 3)), the truth-telling equilibrium implemen...
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作者：Laing, D; Palivos, T; Wang, P
作者单位：Vanderbilt University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Louisiana State University System; Louisiana State University; University of Ioannina; National Bureau of Economic Research
摘要：We construct a dynamic general-equilibrium model of search and matching where public knowledge grows through time and workers accumulate a fraction of this knowledge through education/retraining. Due to search delays, the unemployment pool is populated by vintages of workers of differing productivities. Through intergenerational rivalry, the human capital of older generations is rendered obsolete relative to that of the new blood. Higher knowledge growth exacerbates intergenerational competiti...
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作者：Gagnon, G
作者单位：Toronto Metropolitan University
摘要：This paper examines whether a small random deviation from a non-random policy process will destabilize the equilibrium exchange rate. The results focus on exchange rate dynamics when the government maintains a target zone or makes unanticipated deviations from a policy rule. With rational expectations small random shocks do not create large deviations from the policy rule exchange rate. If agents are approximately rational large deviations between exchange rates are possible. (C) 2003 Elsevier...
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作者：Coles, MG; Muthoo, A
作者单位：University of Essex
摘要：We study an alternating offers bargaining model in which the set of possible utility pairs evolves through time in a non-stationary, but smooth manner. In general, there exists a multiplicity of subgame perfect equilibria. However, we show that in the limit as the time interval between two consecutive offers becomes arbitrarily small, there exists a unique subgame perfect equilibrium. Furthermore, we derive a powerful characterization of the unique (limiting) subgame perfect equilibrium payoff...
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作者：Carlier, G; Dana, RA
作者单位：Universite PSL; Universite Paris-Dauphine; Universite de Bordeaux
摘要：This paper characterizes the core of a differentiable convex distortion of a probability measure on a nonatomic space by identifying it with the set of densities which dominate the derivative of the distortion, for second order stochastic dominance. The densities that have the same distribution as the derivative of the distortion are the extreme points of the core. These results are applied to the differentiability of a Yaari's or Rank Dependent Expected utility function. The superdifferential...
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作者：Epstein, LG; Schneider, M
作者单位：University of Rochester; University of California System; University of California Los Angeles
摘要：The inability of the Bayesian model to accommodate Ellsberg-type behavior is well-known. This paper focuses on another limitation of the Bayesian model, specific to a dynamic setting, namely the inability to permit a distinction between experiments that are identical and those that are only indistinguishable. It is shown that such a distinction is afforded by recursive multiple-priors utility. Two related technical contributions are the proof of a strong LLN for recursive multiple-priors utili...
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作者：Dupor, B
作者单位：University of Pennsylvania
摘要：This paper studies a money-in-the-utility function model with imperfect competition and one-period ahead nominal price setting. Under standard assumptions on preferences, Friedman's rule-setting the money growth rate equal to the household time discount factor-generates an equilibrium that is optimal within the class of deterministic policies. We then provide conditions under which a random monetary policy increases ex ante expected welfare relative to Friedman's rule. The result obtains becau...
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作者：Lagos, R; Wright, R
作者单位：University of Pennsylvania; New York University
摘要：This paper pursues a line of Cass and Shell, who advocate monetary models that are genuinely dynamic and fundamentally disaggregative and incorporate diversity among households and variety among commodities. Recent search-theoretic models fit this description. We show that, like overlapping generations models, search models generate interesting dynamic equilibria, including cycles, chaos, and sunspot equilibria. This helps us understand how alternative models are related, and lends support to ...
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作者：Wang, T
作者单位：University of British Columbia
摘要：This paper axiomatizes updating rules for preferences that are not necessarily in the expected utility class. Two sets of results are presented. The first is the axiomatization of conditional preferences. The second consists of the axiomatization of three updating rules: the traditional Bayes rule, the Dempster-Shafer rule, and the generalized Bayes rule. The last rule can be regarded as the updating rule for the multi-prior expected utility (Gilboa and Schmeidler, J. Math. Econom. 18 (1989) 1...
