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A Theory of Continuum Economies with Independent Shocks and Matchings
Karavaev, Andrei - Volkswirtschaftliche Fakultät, … - 2008
Numerous economic models employ a continuum of negligible agents with a sequence of idiosyncratic shocks and random matchings. Several attempts have been made to build a rigorous mathematical justification for such models, but these attempts have left many questions unanswered. In this paper, we...
Persistent link: https://www.econbiz.de/10005089343
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A Theory of Continuum Economies with Idiosyncratic Shocks and Random Matchings
Karavaev, Andrei - Volkswirtschaftliche Fakultät, … - 2008
Many economic models use a continuum of negligible agents to avoid considering one person's effect on aggregate characteristics of the economy. Along with a continuum of agents, these models often incorporate a sequence of independent shocks and random matchings. Despite frequent use of such...
Persistent link: https://www.econbiz.de/10005790280
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Independent Random Matching
Podczeck, Konrad; Puzzello, Daniela - Volkswirtschaftliche Fakultät, … - 2009
Random matching models with a continuum population are widely used in economics to study environments where agents interact in small coalitions. This paper provides foundations to such models. In particular, the paper establishes an existence result for random matchings that are universal in the...
Persistent link: https://www.econbiz.de/10008777375
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A Repeated Game Heterogeneous-Agent Wage-Posting Model
Steinbacher, Matej; Steinbacher, Matjaz; Steinbacher, Mitja - Volkswirtschaftliche Fakultät, … - 2009
In the paper, we simulate a heterogeneous-agent version of the wage-posting model as derived by Montgomery (1991) with homogeneous workers and differently-productive employers. Wage policy of particular employer is positively correlated with employer’s productivity level and the wage policy of...
Persistent link: https://www.econbiz.de/10005078644
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Trading mechanism selection with budget constraints
Selcuk, Cemil - Volkswirtschaftliche Fakultät, … - 2011
We present an equilibrium search model of competing mechanisms where some buyers are budget constrained. Absent budget constraints, the existing literature capitulates that if buyers differ in their valuations then in the unique equilibrium all sellers hold second price auctions (e.g. McAfee...
Persistent link: https://www.econbiz.de/10009647209
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Some Inquiries to Spontaneous Opinions: A case with Twitter in Indonesia
Maulana, Ardian; Situngkir, Hokky - Volkswirtschaftliche Fakultät, … - 2010
The paper discusses opportunities to utilize the series of micro-blogs as provided by the Twitter in observation of opinion dynamics. The spontaneity of tweets is more, as the service is attached more to the mobile communications. The extraction of information in the series of tweets is...
Persistent link: https://www.econbiz.de/10008695068
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Sweet Talk: A Theory of Persuasion
Di Maggio, Marco - Volkswirtschaftliche Fakultät, … - 2009
. We extend the model, allowing for different prior beliefs about the value of the object, arguing that a complementarity …
Persistent link: https://www.econbiz.de/10008472248
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The role of trading frictions in real asset markets
Gavazza, Alessandro - Volkswirtschaftliche Fakultät, … - 2010
This paper investigates how trading frictions vary with the thickness of the asset market by examining patterns of asset allocations and prices in commercial aircraft markets. The empirical analysis indicates that assets with a thinner market are less liquid—i.e., more difficult to sell. Thus,...
Persistent link: https://www.econbiz.de/10008685561
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Multi-person Bargaining With Complementarity: Is There Holdout?
Roy Chowdhury, Prabal; Sengupta, Kunal - Volkswirtschaftliche Fakultät, … - 2008
between the complementarity intrinsic to such a setup and efficiency. We address this problem in a very general setup with a … technology that allows for variable degrees of complementarity, a bargaining protocol that is symmetric and allows for both …
Persistent link: https://www.econbiz.de/10005836979
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Transparency, complementarity and holdout
Roy Chowdhury, Prabal; Sengupta, Kunal - Volkswirtschaftliche Fakultät, … - 2009
significant in a two-sided, one-buyer-many-seller model with complementarity. We address this problem in a very general setup with … technology that allows for variable degrees of complementarity. The central insight is that the transparency of the bargaining … protocol, formalized by whether offers are publicly observable or secret, as well as the extent of complementarity, play a …
Persistent link: https://www.econbiz.de/10008459819