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Robust Mechanism Design: An Introduction
Bergemann, Dirk; Morris, Stephen - Cowles Foundation for Research in Economics, Yale University - 2011
This essay is the introduction for a collection of papers by the two of us on "Robust Mechanism Design" to be published by World Scientific Publishing. The appendix of this essay lists the chapters of the book. The objective of this introductory essay is to provide the reader with an overview of...
Persistent link: https://www.econbiz.de/10009251220
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Robust Mechanism Design
Bergemann, Dirk; Morris, Stephen - Cowles Foundation for Research in Economics, Yale University - 2003
The mechanism design literature assumes too much common knowledge of the environment among the players and planner. We relax this assumption by studying implementation on richer type spaces. We ask when ex post implementation is equivalent to interim (or Bayesian) implementation for all possible...
Persistent link: https://www.econbiz.de/10005762836
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Robust Mechanism Design
Bergemann, Dirk; Morris, Stephen - Cowles Foundation for Research in Economics, Yale University - 2003
The mechanism design literature assumes too much common knowledge of the environment among the players and planner. We relax this assumption by studying implementation on richer type spaces, with more higher order uncertainty. We study the "ex post equivalence" question: when is interim...
Persistent link: https://www.econbiz.de/10005093956
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Interdependent Preferences and Strategic Distinguishability
Bergemann, Dirk; Morris, Stephen; Takahashi, Satoru - Cowles Foundation for Research in Economics, Yale University - 2010
they have an equilibrium action in common in any mechanism that they play. We show that two types are strategically …
Persistent link: https://www.econbiz.de/10008677116
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Interdependent Preferences and Strategic Distinguishability
Bergemann, Dirk; Morris, Stephen; Takahashi, Satoru - Cowles Foundation for Research in Economics, Yale University - 2010
they have an equilibrium action in common in any mechanism that they play. We show that two types are strategically …
Persistent link: https://www.econbiz.de/10008854041
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Interdependent Preferences and Strategic Distinguishability
Bergemann, Dirk; Morris, Stephen; Takahashi, Satoru - Cowles Foundation for Research in Economics, Yale University - 2010
that there must exist a mechanism where those types are guaranteed to behave differently in equilibrium. Our results …
Persistent link: https://www.econbiz.de/10010895695
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Education Policy and Intergenerational Transfers in Equilibrium
Abbott, Brant; Gallipoli, Giovanni; Meghir, Costas; … - Cowles Foundation for Research in Economics, Yale University - 2013
This paper compares partial and general equilibrium effects of alternative financial aid policies intended to promote … limits would have no salient effects. The short-run partial equilibrium effects of expanding tuition grants (especially their … need-based component) are sizeable. However, long-run general equilibrium effects are 3-4 times smaller. Every additional …
Persistent link: https://www.econbiz.de/10010939077
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Comparative Statics and Local Indeterminacy in OLG Economies: An Application of the Multiplicative Ergodic Theorem
Geanakoplos, John; Brown, Donald J. - Cowles Foundation for Research in Economics, Yale University - 1985
This study is an effort to give a simple measure of the local size of the equilibrium set of OLG economies in which …
Persistent link: https://www.econbiz.de/10005762674
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The Virtues and Vices of Equilibrium and the Future of Financial Economics
Farmer, J. Doyne; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2008
The use of equilibrium models in economics springs from the desire for parsimonious models of economic phenomena that … so, extolling the virtues of equilibrium theory; then we present a critique and describe why this approach is inherently …’t be a question of dogma, but should be resolved empirically. There are situations where equilibrium models provide useful …
Persistent link: https://www.econbiz.de/10004976721
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Inflationary Bias in a Simple Stochastic Economy
Karatzas, Ioannis; Shubik, Martin; Sudderth, William D.; … - Cowles Foundation for Research in Economics, Yale University - 2001
We construct explicit equilibria for strategic market games used to model an economy with fiat money, one nondurable commodity, countably many time- periods, and a continuum of agents. The total production of the commodity is a random variable that fluctuates from period to period. In each...
Persistent link: https://www.econbiz.de/10005093966