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Preference for Information and Dynamic Consistency
Grant, Simon; Kajii, Atsushi; Polak, Ben - Cowles Foundation for Research in Economics, Yale University - 1999
definition of dynamically consistent behavior, and we discuss whether an intrinsic information lover (say, an anxious person) is …
Persistent link: https://www.econbiz.de/10005762811
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Global Games: Theory and Applications
Morris, Stephen; Shin, Hyun Song - Cowles Foundation for Research in Economics, Yale University - 2000
Global games are games of incomplete information whose type space is determined by the players each observing a noisy … distinctive roles of public and private information in this setting, review results for general global games, discuss the …
Persistent link: https://www.econbiz.de/10005087393
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Global Games: Theory and Applications
Morris, Stephen; Shin, Hyun Song - Cowles Foundation for Research in Economics, Yale University - 2000
Global games are games of incomplete information whose type space is determined by the players each observing a noisy … distinctive roles of public and private information in this setting, review results for general global games, discuss the …
Persistent link: https://www.econbiz.de/10005762807
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Game Theory Without Partitions, and Applications to Speculation and Consensus
Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 1989
Decision theory and game theory are extended to allow for information processing errors. This extended theory is then … not be. Five axioms of information processing are shown to be especially important to speculation and consensus. They are … sufficient that each agent's information processing errors be nondeluded and (1) balanced so that the agents cannot agree to …
Persistent link: https://www.econbiz.de/10005249171
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Information and the Existence of Stationary Markovian Equilibrium
Karatzas, Ioannis; Shubik, Martin; Sudderth, William D. - Cowles Foundation for Research in Economics, Yale University - 2000
is a random variable. Apart from regularity assumptions, there are two crucial conditions: (i) low information -- agents …
Persistent link: https://www.econbiz.de/10005087407
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Actual and Warranted Relations Between Asset Prices
Beltratti, Andrea E.; Shiller, Robert J. - Cowles Foundation for Research in Economics, Yale University - 1991
bounds for both covariances and correlations and show how such bounds can be tightened using information beyond the …
Persistent link: https://www.econbiz.de/10005463944
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On the Internationalization of Portfolios
Brainard, William C.; Tobin, James - Cowles Foundation for Research in Economics, Yale University - 1991
Portfolio theory has been an important component of open economy macroeconomic models. In those models, it is essential to distinguish among several categories of assets, both foreign and domestic, and to specify the demands and supplies. This framework has become increasingly relevant....
Persistent link: https://www.econbiz.de/10005464019
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A World Macro Saving Fact and an Explanation
Fair, Ray C. - Cowles Foundation for Research in Economics, Yale University - 2011
The world macro saving fact concerns the total financial saving of the world's private sector divided by world GDP. Relative to changes before 1994, there was a huge fall in this ratio between 1995 and 2000, a huge increase between 2000 and 2003, a huge fall between 2003 and 2006, and a huge...
Persistent link: https://www.econbiz.de/10008775979
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Wealth Effects on World Private Financial Saving
Fair, Ray C. - Cowles Foundation for Research in Economics, Yale University - 2014
This paper shows that about 70 percent of the variance of the yearly change in the world private financial saving rate can be explained by lagged changes in world stock and housing prices for the sample period 1982-2013. The results suggest that increased fluctuations in asset prices since 1995...
Persistent link: https://www.econbiz.de/10011099828
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Dynamic Revenue Maximization: A Continuous Time Approach
Bergemann, Dirk; Strack, Philipp - Cowles Foundation for Research in Economics, Yale University - 2014
valuation of each agent is private information and changes over time. At the time of contracting every agent privately observes … on the nature of the private information and the valuation process the distortion might increase or decrease over time. …
Persistent link: https://www.econbiz.de/10010933107