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作者：NANDEIBAM, S
摘要：This Note shows that regularity, which is weaker than rationalizability, can be used to prove the random dictatorship result of McLennan (A. McLennan, J. Econ. Theory 22 (1980), 1-11). The result in this Note also shows that in Pattanaik and Peleg (P. K. Pattanaik and B. Peleg, Econometrica 54 (1986), 909-921), when there are at least three alternatives in the universal set, the independence of irrelevant alternatives condition and the requirement that the number of alternatives in the univers...
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作者：BOLDRIN, M; MONTRUCCHIO, L
作者单位：University of Turin
摘要：We study the asymptotic stability of infinite horizon concave programming problems. By generalizing our preceding work we provide a one-parameter family of conditions that guarantee convergence of the optimal paths to a stationary state. We call this property theta-acyclicity. In the one-dimensional case we show that super-modularity implies our property but not vice versa. We apply theta-acyclicity to a pair of models which study the dynamic behavior of firms that have adjustment costs. The f...
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作者：GREENWOOD, J; HUFFMAN, GW
作者单位：Southern Methodist University; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：The question of the existence of a stationary equilibrium for distorted versions of the standard neo-classical growth model is addressed in this paper. The conditions presented guaranteeing the existence of nontrivial equilibrium for the class of economies under study are simple and intuitively appealing, while the existence proof developed is elementary. Examples are given illustrating that economies with distortional taxation, endogenous growth with externalities, and monopolistic competitio...
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作者：Balasko, Y; Ghiglino, C
作者单位：heSam Universite; Universite Pantheon-Sorbonne
摘要：Endogenous business cycles have been known to exist ill the overlapping-generations model for quite a long time. The literature seems to imply that these cycles may exist only if individuals show rates of preference for the present that are high enough, and these values must be so high that they are unrealistic. While this observation is true if preferences are homothetic, we show in this paper that, once the homotheticity requirement is dropped, a sufficient condition for the existance of cyc...
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作者：Chatterji, S
摘要：This paper examines the stability of deterministic steady states in a class of economies where the state variable is one dimensional and where agents use Bayesian techniques to form expectations. The dynamics with learning are locally convergent if the prior mean is close to a stable perfect-foresight root having modulus less than 1 and if the prior beliefs are held with enough confidence. The dynamics are, however, divergent if the prior mean or the variance of the prior distribution is suffi...
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作者：MCAFEE, RP
摘要：The model of Burdett and Judd (Econometrica 51 (1993), 955-969) is generalized to the case of many goods. Consumers choose the best price observed for each good. There are two classes of equilibria, those that involve constant expected profits for each good independently of price and those with increasing profits for each good in price. A continuum of the latter type always exists. These equilibria are qualitatively different than the unique equilibrium of the single-good case. (C) 1995 Academ...
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作者：Funk, P
摘要：This article studies the approximate Bertrand equilibria of a large but finite economy with Free entry for firms and small efficient scales. It establishes the equivalence of the set of regular Walras equilibria of a constant returns to scale limit economy and the set of limits of regular sequences of approximate Bertrand equilibria. This gives a foundation to the Walrasian hypothesis of perfect competition in explaining why firms behave as if they were price-takers and why they set prices tha...
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作者：EPSTEIN, LG; WANG, T
作者单位：University of Waterloo
摘要：This paper provides a general analysis of intertemporal utility based on the multiple-priors model of aversion to ''Knightian'' uncertainty. Then the existence of equilibrium is proven for a representative agent security market model. It is shown that uncertainty aversion can invalidate the existence of a risk-neutral measure representation for prices. In addition, an example suggests an intriguing link between uncertainty aversion and the possibility of abrupt changes in security prices. The ...
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作者：Shi, SY
摘要：This paper makes commodities divisible and incorporates bargaining into the search-theoretic model of money to determine the purchasing power of money (or price). It is shown that two monetary equilibria always coexist where fiat money is universally accepted. The two equilibria differ in price, output, welfare, and the velocity of money. Sunspot monetary equilibria exist in which money is universally accepted in all states of the economy. Multiplicity has novel implications on the effectivene...
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作者：MUTHOO, A
摘要：This paper studies a dynamic game of perfect information, in which two players start bargaining over the partition of a new cake each time agreement is struck over the partition of an existing cake. Negotiations over the partition of each cake take place according to Rubinstein's alternating-offers model. The parameters of the model are the players' rates of time preference, the time interval between two consecutive offers, and the lag time between the end of one set of negotiations and the st...
