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作者：Anderlini, L; Canning, D
作者单位：University of Southampton; Georgetown University; Queens University Belfast
摘要：The introduction of a small amount of bounded rationality into a model sometimes has little effect and sometimes has a dramatic impact on predicted behavior. We call a model robust to bounded rationality if small deviations from rationality result only in small changes in the equilibrium set. We also say that a model is structurally stable if the equilibrium set (given fully rational agents) varies continuously with the parameter values of the model. It is easy to see that when the equilibrium...
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作者：Khan, MA; Sun, YN
作者单位：Johns Hopkins University; National University of Singapore
摘要：We present a version of the APT based on an asset index set of all arbitrary infinite cardinality. Under assumptions due to Ross ( 1976. J. Econ Theory 13, 341-360) and Chamberlain and Rothschild ( 1983. Econometrica 51. 1281 - 1303). we show that, in the absence of gains from asymptotic arbitrage, the square of the deviations of the individual rates of return from a factor-pricing formula sum to a Finite number and that this absence, while sufficient, is not necessary for the formula to hold....
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作者：Bogomolnaia, A; Moulin, H
作者单位：Southern Methodist University
摘要：A random assignment is ordinally efficient if it is not stochastically dominated with respect to individual preferences over sure objects. Ordinal efficiency implies (is implied by) ex post (ex ante) efficiency. A simple algorithm characterizes ordinally efficient assignments: our solution, probabilistic serial (PS), is a central element within their set. Random priority (RP) orders agents from the uniform distribution, then lets them choose successively their best remaining object. RP is ex p...
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作者：Eckwert, B; Zilcha, I
作者单位：Technische Universitat Chemnitz; Tel Aviv University
摘要：It is known that Blackwell's (1953, Ann. Math. Statist. 24, 265-272) theorem, according to which more information always has positive value, does not hold in many economic circumstances. In particular, in exchange economies with random endowments it may fail completely. We show that in certain economies with risk averse consumers and risk neutral producers the Blackwell theorem holds in competitive equilibrium, given that risk sharing markets are absent. However, in the presence of a risk shar...
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作者：Temzelides, T; Williamson, SD
作者单位：University of Iowa
摘要：The First setup we study is a deterministic model with spatial separation where we consider alternative payments systems institutions and their implications for allocation and welfare. A payments system with period-by-period settlement in outside money improves on decentralized exchange. An efficient allocation is supported by a payments system where settlement is not imposed. In the second model, there is random matching and unobserved productivity shocks and preference shocks, We explore how...
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作者：Samuelson, L
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This payer studies decision makers characterized by a stock of models, or analogies, who respond to strategic interactions by applying what appear to be the most suitable models: balancing the gains from more sophisticated decisionmaking against the cost of placing heavier demands on scarce reasoning resources. Equilibrium models will be finely tuned to interactions, leading to seemingly rational behavior, when the interactions are sufficiently important and sufficiently distinct that a more g...
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作者：Mitra, T; Nishimura, K
作者单位：Cornell University; Kyoto University
摘要：This paper provides an overview of the basic concepts of intertemporal equilibrium theory, and discusses the frameworks and techniques used in this subject. It then goes on to introduce the main themes discussed in the papers included in this symposium issue. Journal of Economic Literature Classification Numbers: C61, D90, O41. (C) 2001 Academic Press.
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作者：Dávila, J
作者单位：University of Pennsylvania
摘要：This paper shows the general reversibility of every perfect foresight equilibrium of an overlapping generations economy. It then shows and characterizes the existence of reversible sunspot equilibria in these economics as well, which seems to be at odds with our intuition about the irreversibility of a tree of events. Although the paper establishes also that such reversible Stochastic equilibria constitute a negligible subset of all the equilibria of their class, their mere existence may be co...
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作者：Epstein, LG; Marinacci, M
作者单位：University of Rochester; University of Turin
摘要：For suitable non-atomic TU games v, the core can be determined by computing appropriate derivatives of v, yielding one of two stark conclusions: either core(v) is empty or it consists of a single measure that can be expressed explicitly in terms of derivatives of v. In this sense, core theory for a class of games may be reduced to calculus. (C) 2001 Academic Press.
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作者：Barinci, JP; Chéron, A
摘要：This paper examines the cyclical properties of a finance constrained economy populated bg two classes of households with heterogeneous preferences and featuring social increasing returns-to-scale. The model exhibits indeterminacy for externalities mild enough so that the labor demand curve is downward sloping. Furthermore. simulation results show that endogenous fluctuations driven by expectations are quantitatively relevant. In opposition to standard Real Business Cycles and sunspot models wi...
