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Endogenous Cycles in Competitive Models: An Overview
Reichlin, Pietro - In: Studies in Nonlinear Dynamics & Econometrics 1 (1997) 4, pp. 175-185
It is a common assertion that, in a world with perfect markets and rational expectations, endogenous cycles could only arise under very unrealistic assumptions. This paper offers a short discussion on this claim and a review of the relevant contributions to the literature on deterministic...
Persistent link: https://www.econbiz.de/10005046491
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Endogenous Cycles in Competitive Models: An Overview
Reichlin, Pietro - In: Studies in Nonlinear Dynamics & Econometrics 1 (2007) 4, pp. 175-185
It is a common assertion that, in a world with perfect markets and rational expectations, endogenous cycles could only arise under very unrealistic assumptions. This paper offers a short discussion on this claim and a review of the relevant contributions to the literature on deterministic...
Persistent link: https://www.econbiz.de/10004966210
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КОНКУРЕНТНОЕ РАВНОВЕСИЕ НА ФИНАНСОВОМ РЫНКЕ
АЛЕКСАНДРОВИЧ, ГОРЕЛОВ МИХАИЛ - In: Управление большими … (2008) 3, pp. 110-125
Предлагается модель формирования цен на финансовом рынке при несовпадающих ожиданиях участников торгов. Доказывается существование цен, балансирующих спрос и...
Persistent link: https://www.econbiz.de/10011226907
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Moral hazard and linear contracts : Economies with idiosyncratic risks
CITANNA, Alessandro - HEC Paris (École des Hautes Études Commerciales) - 2000
In exchange economies where moral hazard affects the distribution of individual risks, we study the viability of linear nonexclusive contracts. It is shown that the linearity in prices and payoffs is compatible with the presence of moral hazard when coupled with a simple participation fee. More...
Persistent link: https://www.econbiz.de/10005011585
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On Derivatives Markets and Social Welfare: A Theory of Empty Voting and Hidden Ownership
Hatfield, John; Kominers, Scott Duke; Barry, Jordan M. - Becker Friedman Institute for Research in Economics, … - 2012
In the past twenty-five years, derivatives markets have grown exponentially. Large, modern derivatives markets increasingly enable investors to hold economic interests in corporations without owning voting rights, and vice versa. This leads to both empty voters — investors whose voting...
Persistent link: https://www.econbiz.de/10010891163
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On the complicated price dynamics of a simple one-dimensional discontinuous financial market model with heterogeneous interacting traders.
Tramontana, Fabio; Westerhoff, Frank; Gardini, Laura - Facoltà di Economia, Università degli Studi di Urbino - 2010
We develop a financial market model with heterogeneous interacting agents: market makers adjust prices with respect to excess demand, chartists believe in the persistence of bull and bear markets and fundamentalists bet on mean reversion. Moreover, speculators trade asymmetrically in over and...
Persistent link: https://www.econbiz.de/10008577225
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Walrasian prices in markets with tradable rights
Hervés-Beloso, Carlos; Martínez, Francisco; Rivera, Jorge - In: Economic Theory 49 (2012) 2, pp. 497-512
Persistent link: https://www.econbiz.de/10010993597
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Private ownership economies with externalities and existence of competitive equilibria: A differentiable approach
Mercato, Elena L. del; Platino, Vincenzo - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2015
We consider a general equilibrium model of a private ownership economy with consumption and production externalities …. Fixing the externalities, the assumptions on utility functions and production technologies are standard in a differentiable … externalities is non trivial and it requires some ingenious adjustments, because the production technologies are not required to be …
Persistent link: https://www.econbiz.de/10011268204
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Externalities, consumption constraints and regular economies.
Bonnisseau, Jean-Marc; Mercato, Elena L. Del - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2008
We consider a general model of pure exchange economies with consumption externalities. Households may have different …
Persistent link: https://www.econbiz.de/10005041114
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Externalities, Consumption Constraints and Regular Economies
Bonnisseau, Jean-Marc; Mercato, Elena L. del - Centro Studi di Economia e Finanza (CSEF) - 2008
We consider a general model of pure exchange economies with consumption externalities. Households may have different …
Persistent link: https://www.econbiz.de/10005839188