Showing 1 - 10 of 155
This paper examines the two-fund separation paradigm in the context of an infinite-horizon general equilibrium model with dynamically complete markets and heterogeneous consumers with time- and state-separable utility functions. With the exception of the dynamic structure, we maintain the...
Persistent link: https://www.econbiz.de/10010266327
We use a model with agency frictions to analyze the structure of a dealer market that faces competition from a crossing network. Traders are privately informed about their types (e.g. their portfolios), which is something the dealer must take into account when engaging his counterparties....
Persistent link: https://www.econbiz.de/10011932904
One explanation for overpricing on asset markets is a lack of traders\' self-control. Self-control is the individual capacity to override or inhibit undesired impulses that may drive prices. We implement the first experiment to address the causal relationship between self-control abilities and...
Persistent link: https://www.econbiz.de/10011932946
We solve and test experimentally a global-games model of speculative attacks where agents can choose whether to read, at a cost, a payoff irrelevant (sunspot) announcement. Assuming that subjects exogenously believe some others to follow sunspots, we provide conditions for a unique equilibrium...
Persistent link: https://www.econbiz.de/10011985279
Die Frage nach der Kausalität fällt in die Methodologie. Methodologie ist in denWirtschaftswissenschaften ein Bereich, der sowohl bei Ökonomen als auch bei Philosophenkaum Beachtung findet. ....
Persistent link: https://www.econbiz.de/10005868378
In the Yes/No game, like in the ultimatum game, proposer and respondercan share a monetary reward. In both games the proposer suggests a rewarddistribution which the responder can accept or reject (yielding 0-payoffs). Thegames only differ in that the responder does (not) learn the suggested...
Persistent link: https://www.econbiz.de/10005866695
This paper examines simple parimutuel betting games under asymmetric information,with particular attention to differences between markets in which bets are submittedsimultaneously versus sequentially. In the simultaneous parimutuel betting market, all(symmetric and asymmetric) Bayesian-Nash...
Persistent link: https://www.econbiz.de/10005866719
A robust nding of repeated public goods experiments is that high initialcontribution rates sharply decline towards the end. This paper reports onan exploratory experiment designed to discover whether such a decline is simply triggered by the usual experimental practice of publicly informing...
Persistent link: https://www.econbiz.de/10005866812
This paper examines finite parimutuel betting games with asymmetric information, with particular attention to differences between sequential and simultaneous settings, and betweenfully rational and myopic ("price taking") behavior. In the simultaneous parimutuel market,all (symmetric and...
Persistent link: https://www.econbiz.de/10005866864
The common prior assumption asserts that the beliefs of agents in different states of theworld are their posteriors based on a common prior and possibly some private signal. Commonpriors are pervasive in most economic models of incomplete information, oligopoly models withasymmetrically informed...
Persistent link: https://www.econbiz.de/10005866870