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We develop a model of information exchange through communication and investigate its implications for information aggregation in large societies. An \textit{underlying state} determines payoffs from different actions. Agents decide which others to form a costly \textit{communication link} with,...
Persistent link: https://www.econbiz.de/10011684965
The paper presents a model of housing and credit cycles featuring distorted beliefs and comovement and mutual …) development in house prices fuels optimism (pessimism) and credit expansion (contraction), which in turn boost (dampen) housing …
Persistent link: https://www.econbiz.de/10012010535
matching or information revealed by others' behaviours, or to endogenous effects generated by bargaining within marriage. A … in individual effects. As such the correlation in the raw smoking data is consistent with positive assortative matching … in marriage over smoking, rather than bargaining within the couple or social learning. -- smoking ; matching ; bargaining …
Persistent link: https://www.econbiz.de/10003039640
matching or information revealed by others' behaviours, or to endogenous effects generated by bargaining within marriage. A … in individual effects. As such the correlation in the raw smoking data is consistent with positive assortative matching …
Persistent link: https://www.econbiz.de/10013318363
This paper studies a stability notion and matching processes in the job market with incomplete information on the …
Persistent link: https://www.econbiz.de/10012159014
Persistent link: https://www.econbiz.de/10010210831
process and best occupations fitting to them. A search and learning model is provided in order to analyze these effects. In … the model, search outcomes relay information about workers’ job finding abilities and appropriate occupations suited to … them, and workers use this information to infer their types. Our theory explains how search outcomes during unemployment …
Persistent link: https://www.econbiz.de/10012310152
Persistent link: https://www.econbiz.de/10012876722
In case of multiple source lending even solvent firms may be forced into bankruptcy due to uncoordinated credit withdrawals of their lenders. This paper analyzes whether a debtor firm can thwart such inefficient liquidations by offering creditors the option to delay their foreclosure decision...
Persistent link: https://www.econbiz.de/10003636509
Models with heterogeneous interacting agents explain macro phenomena through interactions at the micro level. We propose genetic algorithms as a model for individual expectations to explain aggregate market phenomena. The model explains all stylized facts observed in aggregate price fluctuations...
Persistent link: https://www.econbiz.de/10003777257