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作者：Geoffard, PY
作者单位：Centre National de la Recherche Scientifique (CNRS)
摘要：The variational utility of a deterministic, infinite horizon consumption path is defined as the minimum value of an additive criterion, taken over all possible future values of the rate of time preference. Special cases of variational utility include additive and recursive models. A reduced-form capital accumulation problem under variational utility is studied here. The optimal capital path is characterized by a Hamiltonian dynamical system, together with two transversality conditions at infin...
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作者：Glazer, J; Rubinstein, A
作者单位：Tel Aviv University; Princeton University
摘要：We show that fur solvable games, the calculation of the strategies which survive iterative elimination of dominated strategies ill normal games is equivalent to the calculation of the backward induction outcome of some extensive game. However, whereas the normal Same form does nor provide information an how to cam out the elimination, the corresponding extensive game dots. As a by-product, we conclude that implementation using a subgame perfect equilibrium of an extensive Same with perfect inf...
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作者：Robson, AJ; VegaRedondo, F
作者单位：Universitat d'Alacant; Universitat d'Alacant
摘要：This paper investigates the sensitivity of recent evolutionary models of learning to the specification of the matching mechanism. We study a literally random matching mechanism, combined with a process of strategy adjustment based on the realized average performance of each strategy. In the key class of symmetric 2 x 2 coordination games, the Pareto-efficient equilibrium, pei se, is selected, rather than the risk-dominant equilibrium, as the probability of experimentation (or ''mutation'') goe...
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作者：Puppe, C
摘要：The paper axiomatically characterizes a notion of ''freedom of choice.'' The central condition considered in this paper is the following. In every non-empty opportunity set there exists at least one alternative such that its exclusion would reduce an agent's freedom. It turns out that this condition induces a formal structure which is familiar from the theory of revealed preference. Under a somewhat different interpretation, some well-known rationality conditions are used to characterize model...
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作者：Gottardi, P
作者单位：Harvard University
摘要：The objective of this paper is to study the stationary monetary equilibria of a stochastic overlapping generations model with a general incomplete asset structure. it is proved that a stationary equilibrium with a nonzero price of money generically exists and is locally isolated when there is outside money, for an open set of economies there is an equilibrium with positive money prices in all states. The equilibrium is also given a neat characterisation in terms of the properties of the underl...
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作者：Sadanand, A; Sadanand, V
摘要：This payer presents a model oi stochastic oligopoly with demand uncertainty where firms endogenously choose entry timing. We examine two extreme types of market structure and show that the equilibrium correspondence that connects them is continous. With two identically sized firms, there are symmetric. Cournot type equilibria where the probability of early entry declines with greater uncertainty, and for low uncertainty two asymmetric equilibria. With one large firm with a continuum of nonatom...
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作者：Gul, F
摘要：A non-equilibrium model of rational strategic behavior that can be viewed as a refinement of (normal form) rationalizability is developed for both normal form and extensive form games. This solution concept is called a tau-theory and is used to analyze the main concerns of the Nash equilibrium refinements literature such as dominance, iterative dominance, extensive form rationality, invariance, and backward induction. The relationship between tau-theories and dynamic learning is investigated. ...
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作者：Drugeon, JP; Wigniolle, B
作者单位：heSam Universite; Universite Pantheon-Sorbonne
摘要：This article is concerned with the existence of sunspot equilibria in a continuous-time growth setting. It brings alternative approaches in the self-fulfilling prophecies literature: continuous time, global dynamics, and non-stationarity. The main contribution of the use of continuous-time methods is to allow for a complete understanding of the global dynamical properties of these stochastic equilibria within a non-stationary economy. In this model, fluctuations in growth rates occur through a...
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作者：Balder, EJ
摘要：Two abstract results are given for the existence of optimal contract selection mechanisms in principal-agent models; by a suitable reformulation of the (almost) incentive compatibility constraint, they deal with both single- and multi-agent models. In particular, it is shown that the existence results in a series of papers by F. H. Page follow from these two results. (C) 1996 Academic Press, Inc.
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作者：Ray, D; Ueda, K
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：A group of agents is collectively engaged in a joint productive activity. Each agent supplies an observable input, and output is then collectively shared among the members. A Bergson-Samuelson welfare function defined on individual utilities describes the social values of the agents. However, individual actions are taken on a selfish basis. The collective decision cannot be precommitted, and is made (after inputs are chosen) to maximize welfare conditional on the input decisions. This leads to...
