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Chapter 7 Learning dynamics
Evans, George W.; Honkapohja, Seppo - In: Handbook of macroeconomics : volume 1, part A, (pp. 449-542). 1999
approximation based on an associated differential equation. Global stability, local stability and instability results for SRAs are … presented. For a wide range of solutions to economic models the stability conditions for REE under statistical learning rules … are given by the expectational stability principle, which is treated as a unifying principle for the results presented …
Persistent link: https://www.econbiz.de/10014024243
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Options and Sunspots in a Simple Monetary Economy
Antinolfi, Gaetano - 2012
We study sunspot immunity in a dynamic monetary economy in which consumers are allowed to trade put and call option contracts on the general price level. We define the concept of strong sunspot immunity to characterize economies that have no sunspot equilibria regardless of the number of...
Persistent link: https://www.econbiz.de/10013102999
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Informational Efficiency Properties of Rational Expectations Equilibria in Non-Convex Economies
Seccia, Giulio - 2001
A simple example shows that although non-convexities might prevent the existence of a fully revealing rational expectations equilibrium, they need not prevent the existence of a non-informative one. Indeed, the economy in this example does not possess any fully revealing equilibria, but does...
Persistent link: https://www.econbiz.de/10014150867
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Uniqueness, stability, and local comparative statics for competitive equilibrium
Keenan, Donald C.; Kim, Taewon - In: International journal of economic theory 11 (2015) 2, pp. 169-176
Persistent link: https://www.econbiz.de/10011346293
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Equilibrium Theory with Link Portfolios
Won, Dong Chul - 2012
Portfolio constraints often prevent financial derivatives from being synthetically created by primitive assets and thus, open a way for the 'redundant' assets to participate in expanding risk-sharing opportunities. They bring about peculiar portfolios, called 'link portfolios,' at an aggregate...
Persistent link: https://www.econbiz.de/10013101179
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On Equilibrium Number of Firms
Selim, Tarek H. - 2019
This article provides a simple account of the effect of quality competition on the extent of sequential entry accommodation for a differentiated oligopoly market characterized by locational differentiation. The model is solved with consumers seeking a “love for quality” surplus utility while...
Persistent link: https://www.econbiz.de/10012897111
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Competitive Equilibria in a Comonotone Market
Boonen, Tim J. - 2020
We investigate competitive equilibria in a special type of incomplete markets, referred to as a comonotone market, where agents can only trade such that their risk allocation is comonotonic. The comonotone market is motivated by the no-sabotage condition. For instance, in a standard insurance...
Persistent link: https://www.econbiz.de/10012853226
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General Economic Equilibrium with Financial Markets and Retainability
Jofre, Alejandro - 2014
A theory of general economic equilibrium with incomplete financial markets is developed with many new features, including currency-denominated prices which enable treatment of currency-based derivative instruments and collateralized contracts. Prices in such models with standard market structure...
Persistent link: https://www.econbiz.de/10013051812
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Comment on 'Competitive Equilibria of Economies with a Continuum of Consumers and Aggregate Shocks' by J. Miao
Cheridito, Patrick - 2016
The paper "Competitive equilibria of economies with a continuum of consumers and aggregate shocks" by J. Miao provides an in-depth analysis of dynamic models of the economy with a continuum of agents and aggregate productivity shocks. In Section 3 the existence of a sequential competitive...
Persistent link: https://www.econbiz.de/10012986027
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Existence of Sequential Competitive Equilibrium in Krusell–Smith Type Economies
Cheridito, Patrick - 2016
In this paper, we give a proof of existence of sequential competitive equilibrium in Krusell-Smith type economies with different kinds of agents, taxes, unemployment insurance, and endogenous labor choice. We also provide a formal construction of a family of shock processes exhibiting...
Persistent link: https://www.econbiz.de/10012989168