Economic Theory
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A model to analyse financial fragility
Economic Theory - Tập 27 - Trang 107-142 - 2006
This paper sets out a tractable model which illuminates problems relating to individual bank behaviour, to possible contagious inter-relationships between banks, and to the appropriate design of prudential requirements and incentives to limit ‘excessive’ risk-taking. Our model is rich enough to include heterogeneous agents, endogenous default, and multiple commodity, and credit and deposit markets...... hiện toàn bộ
Equilibrium selection in coordination games with simultaneous play
Economic Theory - Tập 20 - Trang 793-807 - 2002
We apply the dynamic stochastic framework proposed in recent evolutionary literature to a class of coordination games played simultaneously by the entire population. In these games payoffs, and hence best replies, are determined by a summary statistic of the population strategy profile. We demonstrate that with simultaneous play, the equilibrium selection depends crucially on how best responses t...... hiện toàn bộ
Offshoring and product innovation
Economic Theory - Tập 38 - Trang 517-532 - 2008
We propose an endogenous growth model with offshoring to investigate its effects on product innovation and growth in the country of origin. Offshoring is associated with reduced feedback from offshored plants to domestic labs as well as coordination problems between the offshored and domestic divisions of firms. Production and transport cost parameters affect the static decision to relocate plants...... hiện toàn bộ
Value allocation under ambiguity
Economic Theory - Tập 59 - Trang 147-167 - 2014
We consider a pure exchange economy with asymmetric information where individual behavior exhibits ambiguity aversion along the line of maximin expected utility decision making. For such economies, we introduce different notions of maximin value allocations. We also introduce a strong notion of incentive compatibility. We prove the existence and incentive compatibility of the maximin value allocat...... hiện toàn bộ
Expected utility theory from the frequentist perspective
Economic Theory - Tập 53 - Trang 9-25 - 2009
We present an axiomatization of expected utility from the frequentist perspective. It starts with a preference relation on the set of infinite sequences with limit relative frequencies. We consider three axioms parallel to the ones for the von Neumann–Morgenstern (vN–M) expected utility theory. Limit relative frequencies correspond to probability values in lotteries in the vN–M theory. This corres...... hiện toàn bộ
Endogenous fertility and growth in a model with old age support
Economic Theory - Tập 13 Số 2 - Trang 393-416 - 1999
Stochastic growth with short-run prediction of shocks
Economic Theory - Tập 51 - Trang 539-580 - 2011
We study a variation of the one-sector stochastic optimal growth model with independent and identically distributed shocks where agents acquire information that enables them to accurately predict the next period’s productivity shock (but not shocks in later periods). Optimal policy depends on the forthcoming shock. A “better” predicted realization of the shock that increases both marginal and tota...... hiện toàn bộ
Random continued fractions: a Markov chain approach
Economic Theory - Tập 23 Số 1 - Trang 85-1 - 2003
Information and experimentation in short-term contracting
Economic Theory - Tập 19 - Trang 311-331 - 2002
The impact of information dissemination and experimentation on dynamic adverse selection in noisy agency relationships is examined. Significant deviations in terms of equilibrium actions and payments occur, when compared to deterministic environments. Information dissipates slowly, so payments to agents who stand to lose informational rents over time are lower than compared to deterministic setti...... hiện toàn bộ
The tragedy of the commons?
Economic Theory - Tập 3 - Trang 413-426 - 1993
We provide a complete characterization of the set of Markov-Perfect Equilibria (MPE) of dynamic common-property resource games a la Levhari and Mirman (1980). We find that all MPE of such games exhibit remarkably regular dynamic behavior. Surprisingly, however, and despite their memoryless nature, MPE need not result in a “tragedy of the commons”, i.e., overexploitation of the resource relative to...... hiện toàn bộ
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