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作者：Madrigal, V; Scheinkman, JA
作者单位：University of Chicago
摘要：We present a model of market-making in which traders possess private and heterogeneous information, and the market-maker acts strategically to maximize profits. Thus, the market-maker must now consider that the prices he sets affect both the information he acquires (through the order flow) and the amount oi aggregated information he releases back to the market. We show that the equilibrium prier as a function of the order flow displays a discontinuity. This discontinuity can be interpreted as ...
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作者：Venditti, A
摘要：Studies of optimal growth in a multisector framework are generally addressed in reduced form models, defined by an indirect utility function which summarizes the consumer's preferences and the technologies. Strong concavity assumptions allow to obtain some results about differentiability of optimal solutions and stability of steady states. However there does not exist any information about the conditions that have to be placed on the fundamentals to obtain such a property. This paper shows tha...
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作者：VillaBoas, JM
摘要：Comparing fixed points of different mappings is often required when doing economic analysis. I present here some results on the comparison of fixed points of different mappings that generalize and have as a particular case the super-modularity results on the same topic. The main result is that if we take a certain order greater than or equal to for which the mappings are increasing and ordered, then the fixed points of the different mappings are also ordered in that same order: every fixed poi...
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作者：Coleman, WJ
摘要：This paper studies a broad class of infinite-horizon economies that are subject to uncertainty, and consist of households that accumulate capital and elastically supply labor. For this class of economies, methods are developed for proving the existence of an equilibrium, for characterizing an equilibrium, and for verifying, at a computational level, that an equilibrium is unique. Some applications of these methods to real and monetary economies are discussed. (C) 1997 Academic Press
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作者：Krishna, V; Morgan, J
作者单位：Princeton University
摘要：We study the war of attrition and the all-pay auction when players' signals are affiliated and symmetrically distributed. We (a) find sufficient conditions for the existence of symmetric monotonic equilibrium bidding strategies and (b) examine the performance of these auction forms in terms of the expected revenue accruing to the seller. Under our conditions the war of attrition raises greater expected revenue than all other known sealed-bid auction forms. (C) 1997 Academic Press.
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作者：Conlon, JR
摘要：This paper considers the ''weak announcement proofness'' criterion of Matthews et al. (J. Econ. Theory (1991)) and shows that this criterion is not always weaker than announcement proofness. It is also shown that, in the class of simple sender-receiver games considered by Matthews et al., if one equilibrium Pareto dominates all of the others. then weak announcement proofness usually selects that equilibrium. (C) 1997 Academic Press.
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作者：Dawid, H; Kopel, M
作者单位：Technische Universitat Wien; Cornell University
摘要：We investigate optimal policies for the exploitation of a renewable resource subject to a concave growth function and a convex return function. We prove an important result on the elasticity of the objective function and apply it to give a characterization of the optimal harvesting paths in this class of models. In particular, we derive conditions such that all optimal programs converge to a fixed point or to a cycle of finite period, and hence result in the conservation of the resource. We al...
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作者：Eberly, JC; VanMieghem, JA
作者单位：Northwestern University
摘要：We characterize a firm's optimal factor adjustment when any number of factors Face ''kinked'' linear adjustment costs so that all factor accumulation is costly to reverse. We first consider a general non-stationary case with a concave operating profit function, unrestricted form of uncertainty and a horizon of arbitrary length. We show that the optimal investment strategy follows a control limit policy at each point in time. The state space of the firm's problem is partitioned into various dom...
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作者：Prat, A
作者单位：Tilburg University
摘要：Capacity is defined as the number of information items a processor can handle in a given time. This note studies the properties of a hierarchy of processors in which the capacities of processors are choice variables. The hierarchy must pay each processor it decides to employ a wage which is an increasing function of the prl,ct ssor's capacity. It is shown that efficient hierarchies tend to be characterized by three simple properties: iii within any given level, capacity is uniform, (ii)across ...
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作者：Leshno, M; Levy, H; Spector, Y
摘要：Rothschild and Stiglitz (R&S) were the first to define and introduce the concept of one asset being more risky than another one. Therefore, their paper is a cornerstone in the theory of risk. Nevertheless, there is an error in a construction of the mean preserving spread (MPS) in Lemma 1 of the paper. The correction of the proof of R&S is important particularly as the paper is widely taught in courses dealing with uncertainty and risk analysis. We modified R&S's MPS and show that all their con...
