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Information and Liquidity : A Discussion
Rocheteau, Guillaume - 2010
I extend and discuss the model of asset liquidity by Lester, Postlewaite, and Wright (2007, 2008). I consider a model with decentralized trades in which claims on a real and divisible asset serve as means of payment. A recognizability problem is introduced by assuming that the claims on the...
Persistent link: https://www.econbiz.de/10013144529
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Delay and Learning in Coordination
Chamley, Christophe; Zhou, Zhen - 2021
This paper studies a coordination game with incomplete information and the option to delay. The delay option enables the agents to observe a binary signal depending on whether the early actions (e.g., investment) surpasses a threshold. The anticipation of information incentivizes agents to wait...
Persistent link: https://www.econbiz.de/10013219112
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How to take an exam if you must: Decision under Deadline
Huynh, Hsueh-Ling; Majumdar, Sumon - 2006
This paper uses the example of an exam to model multi-dimensional search under a deadline. When the dimension is two …, an order-invariance property allows simple characterization of the optimal search policy. Behavior is shown to be highly …; this increases complexity of the problem of finding the optimal search policy. …
Persistent link: https://www.econbiz.de/10011940733
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Bargaining or Searching for a Better Price? - An Experimental Study
Feri, Francesco; Gantner, Anita - 2010
option to buy via search or return to bargaining. Here many buyers choose a bargaining agreement when a search outcome is … predicted. For those who opt out, search outcomes are overall efficient and behavior is relatively close to the optimal search …
Persistent link: https://www.econbiz.de/10010294771
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Structural adjustment and endogenous worker recall probabilities
Meland, Frode; Torsvik, Gaute - 2002
In this paper we investigate the incentives of unemployed workers to wait for a recall when recall probabilities are endogenously determined by the waiting decisions of others. Because of a positive externality that arises when workers seek new employment, an excessive number of workers choose...
Persistent link: https://www.econbiz.de/10011409750
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Distribution-Dependent Value of Money : A Coalition-Proof Approach to Monetary Equilibrium
Kim, Byoung-Ki; Kwon, Ohik; Lee, Suk Won - 2021
We present a simple, finite-state search model to understand how the cross-sectional distribution of money affects its … value. We first document a network effect: the value of a given unit of money is higher when its distribution is even …. This approach is designed to be especially pertinent in the context of private issuance of money, in particular …
Persistent link: https://www.econbiz.de/10013211196
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Mises and the moderns on the inessentiality of money in equilibrium
Luther, William J. - In: The review of Austrian economics 29 (2016) 1, pp. 1-13
Persistent link: https://www.econbiz.de/10011668025
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Coordination problems triggered by sunspots in the laboratory
Siebert, Jan; Yang, Guanzhong - 2020
A sunspot variable is any random variable that is not related to fundamental factors of the economy but a potential coordination device. The coordination power of sunspots has been analysed in theory and in experiments. However, some have discussed whether sunspots, e.g., public announcements...
Persistent link: https://www.econbiz.de/10012233925
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Limited liability, strategic default and bargaining power
Mozzanica, Mirco Balatti; López-Quiles, Carolina - 2021
In this paper we examine the effects of limited liability on mortgage dynamics. While the literature has focused on default rates, renegotiation, or loan rates individually, we study them together as equilibrium outcomes of the strategic interaction between lenders and borrowers. We present a...
Persistent link: https://www.econbiz.de/10012422423
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Institutions as game theory outcomes : towards a cognitive-experimental inquiry
Ambrosino, Angela - In: International journal of management, economics and … 2 (2013) 2, pp. 129-150
This paper investigates two different approaches to the analysis of institutions using game theory and discusses their methodological and theoretical implications for further research. Starting from von Neumann and Morgenstern's theory, we investigate, how Schotter and Schelling's approaches to...
Persistent link: https://www.econbiz.de/10009753456