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Global stability conditions on the plane
Mukherji, Anjan (contributor) - 2003 - [Elektronische Ressource]
The paper considers price adjustment on the plane and derives global stability conditions for such dynamics. First, we examine the well-known Scarf Example, to obtain and analyze a global stability condition for this case. Next, for a general class of excess demand functions, a set of conditions...
Persistent link: https://www.econbiz.de/10001785602
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Evolutionary finance
Evstigneev, Igor V.; Hens, Thorsten; Schenk-Hoppé, … - 2008
authors in the theory and applications of evolutionary finance models. An introduction to and the motivation of the modeling … strategies, discusses the relation to the Kelly rule and implications for asset pricing theory, and introduces a continuous …
Persistent link: https://www.econbiz.de/10003961707
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Stabilizing the economy : market design and general equilibrium
Goeree, Jacob K.; Lindsay, Luke - 2012
Review, 1960). Tatonnement theory predicts that prices are globally unstable for this economy, i.e. unless prices start at … the competitive equilibrium they oscillate without converging. Anderson et al. (Journal of Economic Theory, 2004) report … convergence. We replicate their experiments and confirm that tatonnement theory predicts the direction of price changes remarkably …
Persistent link: https://www.econbiz.de/10009743925
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A perfectly competitive economy is an economy without welfare relevant endogenous learning
Nyborg, Karine - 2021
I demonstrate a straightforward but apparently widely unrecognized implication of the standard requirements for perfect competition: an economy in which consumers can choose to learn is generally not perfectly competitive. In particular, if endogenous welfare relevant learning is feasible, the...
Persistent link: https://www.econbiz.de/10012520083
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Optimal truncation in matching markets
Coles, Peter A.; Shorrer, Ran - 2013
Since no stable matching mechanism can induce truth-telling as a dominant strategy for all participants, there is often room in matching markets for strategic misrepresentation (Roth [25]). In this paper we study a natural form of strategic misrepresentation: reporting a truncation of one's true...
Persistent link: https://www.econbiz.de/10009756282
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Global invertibility of excess demand functions
Covarrubias, Enrique - 2013
In this paper we provide necessary and sufficient conditions for the excess demand function of a pure exchange economy to be globally invertible so that there is a unique equilibrium. Indeed, we show that an excess demand function is globally invertible if and only if its Jacobian never vanishes...
Persistent link: https://www.econbiz.de/10010205985
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Non-standard choice in matching markets
Caspari, Gian; Khanna, Manshu - 2022
We explore the possibility of designing matching mechanisms that can accommodate non-standard choice behavior. We pin down the necessary and sufficient conditions on participants’ choice behavior for the existence of stable and incentive compatible mechanisms. Our results imply that...
Persistent link: https://www.econbiz.de/10013460341
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Bargaining, search, and outside options
Gantner, Anita - 2007
This paper studies a two-sided incomplete information bargaining model between a seller and a buyer. The buyer has an outside option, which is modeled as a sequential search process during which he can also choose to return to bargaining at any time. Two cases considered: In Regime I, both...
Persistent link: https://www.econbiz.de/10009731150
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The relevance of grid expansion under zonal markets
Bertsch, Joachim; Brown, Tom; Hagspiel, Simeon; Just, Lisa - 2015
The European electricity market design is based on zonal markets with uniform prices. Locational price signals within these zones - necessary to ensure long-term efficiency - are not provided. Specifically, if intra-zonal congestion occurs due to missing grid expansion, the market design is...
Persistent link: https://www.econbiz.de/10011442918
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The role of demand response in mitigating market power : a quantitative analysis using a stochastic market equilibrium model
Devine, Mel T.; Bertsch, Valentin - 2019
Market power is a dominant feature of many modern electricity markets with an oligopolistic structure, resulting in increased consumer cost. This work investigates how consumers, through demand response (DR), can mitigate against market power. Within DR, our analysis particularly focusses on the...
Persistent link: https://www.econbiz.de/10012098215