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Coordination in a Repeated Stochastic Game with Imperfect Monitoring

Gerber, Anke; Hens, Thorsten; Vogt, Bodo - Institut für Schweizerisches Bankwesen <Zürich>; … - 2006

We explain excess volatility, short-term momentum and long-term reversal of asset prices by a repeated game version of Keynes beauty contest. In every period the players can either place a buy or sell order on the asset market. The actual price movement is determined by average market orders and...

Persistent link: https://www.econbiz.de/10005859323

Optimal Product Design : A CAPM approach

Rieger, Marc Oliver; Wang, Mei; Hens, Thorsten - Institut für Schweizerisches Bankwesen <Zürich> - 2006

We study properties of structured ﬁnancial products optimizing a utility functional of a customer. The conventional method may have the disadvantage that the a priori restriction to a certain number of assets could make it impossible to ﬁnd the optimal portfolio. So instead of optimizing the...

Persistent link: https://www.econbiz.de/10005858026

Money and Reciprocity

Hens, Thorsten; Vogt, Bodo - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

Based on an experimental analysis of a simple monetary economy we argue that a monetary system is more stable than one would expect from individual rationality. Weshow that positive reciprocity stabilizes the monetary system, provided everyparticipant considers accepting money as a reasonable...

Persistent link: https://www.econbiz.de/10005858586

On the Micro-foundations of Money : The Capitol Hill Baby-Sitting Co-op

Hens, Thorsten; Schenk-Hoppe, Klaus Reiner; Vogt, Bodo - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

This paper contributes to the micro-foundation of money in centralizedmarkets with idiosyncratic uncertainty. It shows existence of stationarymonetary equilibria and ensures that there is an optimum quantity ofmoney. The rational solution of our model is compared with actual be-havior in a...

Persistent link: https://www.econbiz.de/10005858589

Nash Competive Equilibria and Two Period Fund Separation

Hens, Thorsten; Reimann, Stefan; Vogt, Bodo - Institut für Schweizerisches Bankwesen <Zürich>; … - 2004

We suggest a simple asset market model in which we analyze competitive and strategic behavior simultaneously. If two-fund separation is found to hold across periods for competitive behavior, it also holds for strategic behavior. In this case the relative prices of the assets do not depend on...

Persistent link: https://www.econbiz.de/10005858107

BUNDLING, DISCOUNTS ACROSS PRODUCT LINESAND VOLUME DISCOUNTS IN COMPETITIVE MARKETS:A PRISONERS’ DILEMMA?

Thanassoulis, John - University <Oxford> / Department of Economics - 2004

This paper analyses how competition over rebates for customer loyalty across product lines affects firms` pricing and consumers generally. If buyers incur firm specific costs or have shop specific tastes then competitive loyalty discounts lower consumer surplus overall and raise profits - the...

Persistent link: https://www.econbiz.de/10005870205

Bargaining Between Retailers and their Suppliers

Smith, Howard; Thanassoulis, John - University <Oxford> / Department of Economics - 2008

This paper surveys new research concerning bargaining within supply chains and its implications for buyer power. The …

Persistent link: https://www.econbiz.de/10005870131

BARGAINING MICROFOUNDATIONS FORPRODUCTIVITY DISPERSION

Thanassoulis, John - University <Oxford> / Department of Economics - 2006

This paper analyses the implications of bargaining between buyers and sellers on the competitive outcome in a … homogeneous good industry. Bargaining creates a competitive equilibrium in which some inefficient sellers coexist with efficient …

Persistent link: https://www.econbiz.de/10005870175

LIST PRICES, BARGAINING AND RESULTANT PRODUCTIVITYDIFFUSION DELAY

Thanassoulis, John - University <Oxford> / Department of Economics - 2005

List prices are not completely credible as take it or leave it prices: buyers are able to seek reductions by bargaining … diffuson delay: low and high cost firms coexist, list prices have no information value and transaction price dispersion exists … gains diffuse to consumers and list prices now carry cost information. Prices never fall to the Bertrand floor however. All …

Persistent link: https://www.econbiz.de/10005870197