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Organization and Information: Firms’ Governance Choices in Rational-Expectations Equilibrium
Governance Rational-Expectations
2014/9/10
We analyze a rational-expectations model of price formation in an intermediate-good market under uncertainty. There is a continuum of firms, each consisting of a party who can reduce production cost a...
A Multi Period Equilibrium Pricing Model
Time inconsistent control incomplete market equilibrium price
2012/6/5
In this paper, we propose an equilibrium pricing model in a dynamic multi-period stochastic framework with uncertain income streams. In an incomplete market, there exist two traded risky assets (e.g. ...
Equilibrium Distribution of Labor Productivity: A Theoretical Model
Equilibrium Distribution of Labor Productivity Theoretical Model Statistical Finance
2012/6/4
We construct a theoretical model for equilibrium distribution of workers across sectors with different labor productivity, assuming that a sector can accommodate a limited number of workers which depe...
Behavioral Competitive Equilibrium and Extreme Prices
Behavioral Competitive Equilibrium Extreme Prices
2014/3/18
We introduce a notion of behavioral competitive equilibrium (BCE), to study house-
holds' inability to tailor their consumption to the state of the economy. Our notion is
motivated by limited cognit...
Continuous Equilibrium in Affine and Information-Based Capital Asset Pricing Models
Continuous-time equilibrium exponential utility CAPM affine processes information based asset pricing implied volatility
2012/3/2
We consider a class of generalized capital asset pricing models in continuous time with a finite number of agents and tradable securities. The securities may not be sufficient to span all sources of u...
A resource allocation method based on competitiveness equilibrium for manufacturing grid
Competitive equilibrium Grid Iterative algorithm
2011/10/23
Optimal resource configuration is a critical issue for manufacturing grids. Economics is introduced for establishing a manufacturing grid resource marketplace and allocating resources based on market ...
General equilibrium and resource economics
General equilibrium Resource economies Truncation
2011/10/6
For a number of reasons a large class of general equilibrium models from the field of resource economics does not allow for an equilibrium analysis along the lines of the theory of infinite dimensiona...
General equilibrium and resource economics
General equilibrium Resource economies Truncation
2011/10/6
For a number of reasons a large class of general equilibrium models from the field of resource economics does not allow for an equilibrium analysis along the lines of the theory of infinite dimensiona...
Endogenous Movement and Equilibrium Selection in Spatial Coordination Games
Coordination Games Movement Equilibrium Selection
2014/8/8
We study the effects of agent movement on equilibrium selection in spatial coordination games with Pareto dominant and risk dominant Nash equilibria. We incorporate agent movement, and thereby partne...
Equilibrium with exponential utility and non-negative consumption
Exponential Utility Arrow-Debreu Equilibrium Heterogeneous Economy
2011/7/4
We study a multi-period Arrow-Debreu equilibrium in a heterogeneous
economy populated by agents trading in a complete market. Each agent
is represented by an exponential utility function, where addi...
Man versus Nash: An experiment on the self-enforcing nature of mixed strategy equilibrium
Mixed Strategy Nash Equilibrium Experiment Hidden Markov Model
2011/4/2
We examine experimentally how humans behave when they play against a computer which implements its part of a mixed strategy Nash equilibrium. We consider two games, one zero-sum and another unprofitab...
On the Existence of Bertrand-Nash Equilibrium Prices Under Logit Demand
Bertrand-Nash Equilibrium Prices Logit Demand
2011/1/4
This article presents a proof of the existence of Bertrand-Nash equilibrium prices with multi-product firms and under the Logit model of demand that does not rely on restrictive assumptions on product...
Regional Economic Impacts of Large Projects: A General Equilibrium Application to Cross-Border Infrastructure
Regional Economic Impacts Large Projects General Equilibrium Application Cross-Border Infrastructure
2010/10/8
A general equilibrium framework is used to study the regional economic effects of infrastructure improvements designed to reduce the costs of interregional trade. The results suggest that in the short...
Punctuated Equilibrium and Power Law in Economic Dynamics
Punctuated Equilibrium Power Law Economic Dynamics
2011/1/4
An interesting toy model has recently been proposed on Schumpeterian economic dynamics by Thurner {\it et al.} following the idea of economist Joseph Schumpeter. Punctuated equilibrium dynamics is sho...
Experimental economics has repeatedly demonstrated that the Nash equilibrium makes inaccurate predictions for a vast set of games. Instead, several alternative theoretical concepts predict behavior th...