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This article demonstrates that in the standard two-period lived overlapping-generations model with rational expectations, price-taking behavior of agents on the capital market is implausible. We show that market power reduces agents' savings relative to the price-taker benchmark such that less...
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This paper explores how market power of agents on the capital market affects economic growth and output fluctuations in an overlapping-generations model with endogenous capital accumulation. Agents interact strategically by anticipating how their savings affect the return on savings in...
Persistent link: https://www.econbiz.de/10014349886
It is no secret that the rational expectations framework has endured what many consider to be a well deserved bashing. From problems, such as, ad hoc specifications of functional forms for utility functions, to adoption of utility functions as units of modeling, to absence of equilibriums that...
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