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Large games with a bio-social typology
Khan, M. Ali; Rath, Kali P.; Sun, Yeneng; Yu, Haomiao - In: Journal of Economic Theory 148 (2013) 3, pp. 1122-1149
/or biological traits, and identify through four decisive examples, essentially based on a matching-pennies type game, pathologies … arising from the use of a Lebesgue interval for playerʼs names. In a sufficiently general context of traits and actions, we … existence and upper hemi-continuity of pure-strategy Nash equilibria in large games with traits. We illustrate the idealized …
Persistent link: https://www.econbiz.de/10011043030
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Pareto optima and equilibria when preferences are incompletely known
Carlier, G.; Dana, R.-A. - In: Journal of Economic Theory 148 (2013) 4, pp. 1606-1623
An exchange economy in which agents have convex incomplete preferences defined by families of concave utility functions is considered. Sufficient conditions for the set of efficient allocations and equilibria to coincide with the set of efficient allocations and equilibria that result when each...
Persistent link: https://www.econbiz.de/10010678864
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On the space of players in idealized limit games
Qiao, Lei; Yu, Haomiao - In: Journal of Economic Theory 153 (2014) C, pp. 177-190
This paper demonstrates the class of atomless spaces that accurately models the space of players in a large game which represents an idealized limit of a sequence of finite-player games. Through two examples, we show that arbitrary atomless probability spaces, in particular, the Lebesgue unit...
Persistent link: https://www.econbiz.de/10010930794
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Consumption and bubbles
Loewenstein, Mark; Willard, Gregory A. - In: Journal of Economic Theory 148 (2013) 2, pp. 563-600
We show that an unbounded number of consumption dates is necessary to support an asset pricing bubble. We work in a continuous-time model where the number of trade dates is infinite but the number of consumption dates is flexible and can be chosen to be uniformly bounded, finite almost surely,...
Persistent link: https://www.econbiz.de/10010662401
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Competitive equilibrium with search frictions: A general equilibrium approach
Jerez, Belén - In: Journal of Economic Theory 153 (2014) C, pp. 252-286
When the trading process is characterized by search frictions, traders may be rationed so markets need not clear. We build a general equilibrium model with transferable utility where the uncertainty arising from rationing is incorporated in the definition of a commodity, in the spirit of the...
Persistent link: https://www.econbiz.de/10010930786
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Smallness of a commodity and partial equilibrium analysis
Hayashi, Takashi - In: Journal of Economic Theory 148 (2013) 1, pp. 279-305
Partial equilibrium analysis has a conceptual dilemma that its object should be negligibly small in order to be free from income effect but then the consumer does not care for it and the notion of willingness to pay for it does not make sense. In the setting of a continuum of commodities, we...
Persistent link: https://www.econbiz.de/10010616901
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Wealth distribution and output fluctuations
Ghiglino, Christian; Venditti, Alain - In: Journal of Economic Theory 146 (2011) 6, pp. 2478-2509
We explore the link between wealth inequality and output fluctuations in a general two-sector neoclassical growth model with endogenous labor and heterogeneous agents. When agents have homogeneous CRRA preferences and individual wealth is Pareto distributed, a sufficiently large rise in the Gini...
Persistent link: https://www.econbiz.de/10010572367
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Survival with ambiguity
Guerdjikova, Ani; Sciubba, Emanuela - In: Journal of Economic Theory 155 (2015) C, pp. 50-94
We analyze a market populated by expected utility maximizers and smooth ambiguity-averse consumers. We study conditions under which ambiguity-averse consumers survive and affect prices in the limit. If ambiguity vanishes with time or if the economy exhibits no aggregate risk, ambiguity-averse...
Persistent link: https://www.econbiz.de/10011189747
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Indeterminacy and sunspots in two-sector RBC models with generalized no-income-effect preferences
Dufourt, Frédéric; Nishimura, Kazuo; Venditti, Alain - In: Journal of Economic Theory 157 (2015) C, pp. 1056-1080
We analyze sunspot-driven fluctuations in the standard two-sector RBC model with moderate increasing returns to scale and generalized no-income-effect preferences à la Greenwood, Hercovitz and Huffman [13]. We provide a detailed theoretical analysis enabling us to derive relevant bifurcation...
Persistent link: https://www.econbiz.de/10011263592
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On the Mitra–Wan forest management problem in continuous time
Fabbri, Giorgio; Faggian, Silvia; Freni, Giuseppe - In: Journal of Economic Theory 157 (2015) C, pp. 1001-1040
The paper provides a continuous-time version of the discrete-time Mitra–Wan model of optimal forest management, where trees are harvested to maximize the utility of timber flow over an infinite time horizon. The available trees and the other parameters of the problem vary continuously with...
Persistent link: https://www.econbiz.de/10011263602