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Firms as Clubs in Walrasian Markets with Private Information : Technical Appendix
Prescott, Edward S. - 2012
This paper proves the Welfare Theorems and the existence of a competitive equilibrium for the club economies with private information in Prescott and Townsend (2005). The proofs cover lottery economies with a finite number of goods and without free disposal. A mapping based on Negishi (1960) is used
Persistent link: https://www.econbiz.de/10013096990
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Firms as Clubs in Walrasian Markets with Private Information
Prescott, Edward S. - 2012
Using private information and club theories, this paper develops a theory of firms in general equilibrium. Firms are defined to be assignments of technologies and agents to clubs. In equilibrium, firms form endogenously and multiple types may co-exist. We formulate the general equilibrium...
Persistent link: https://www.econbiz.de/10013102309
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Information Percolation Driving Volatility
Andrei, Daniel - 2012
Sudden big price changes are followed by periods of high and persistent volatility. I develop a tractable dynamic rational expectations model consistent with this observation. An infinity of agents possess dispersed information about future dividends and trade in centralized markets. Information...
Persistent link: https://www.econbiz.de/10013109066
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Rational Expectations Equilibria: Existence and Representation
Bhowmik, Anuj; Cao, Jiling - Volkswirtschaftliche Fakultät, … - 2015
In this paper, we continue to explore the equilibrium theory under ambiguity. For a model of a pure exchange and asymmetric information economy with a measure space of agents whose exogenous uncertainty is described by a complete probability space, we establish a representation theorem for a...
Persistent link: https://www.econbiz.de/10011210851
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Why is the Workplace Racially Segregated by Occupation?
Naqvi, Nadeem - Volkswirtschaftliche Fakultät, … - 2012
Ken Arrow (1998) asks, “What has economics to say about racial discrimination?” He replies – entirely correctly – that racial “segregation within an industry – that is, firms with either all black or all white labor forces” – may be explained by economic theory, but “the...
Persistent link: https://www.econbiz.de/10011260187
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General Equilibrium Model with Information Asymmetry and Commodity-Information Technologies
Urai, Ken; Yoshimachi, Akihiko; Shiozawa, Kohei - Graduate School of Economics, Osaka University - 2014
In this paper, we investigate a new concept of a market's commodity-information structure (a partition of the set of real goods that are treated as one commodity for market exchanges) and technologies relat- ing to it, commodity-information technologies. Using this concept, we can always...
Persistent link: https://www.econbiz.de/10010837074
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General Equilibrium Model for an Asymmetric Information Economy
Urai, Ken; Yoshimachi, Akihiko; Shiozawa, Kohei - Graduate School of Economics, Osaka University - 2013
This paperfs main purpose is to introduce a new concept of the marketfs commodity-information structure (a partition of the set of real goods that are treated as one commodity for market ex- changes) on which we base our ordinary static general equilibrium arguments and settings to analyze...
Persistent link: https://www.econbiz.de/10010837091
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Informational Size and Incentive Compatibility with Aggregate Uncertainty
McLean, Richard P.; Postlewaite, Andrew - 2003
uncertainty regarding the state of nature, the conflict between incentive compatibility and (ex post) efficiency can be made small … and efficiency for the case in which nontrivial aggregate uncertainty is present, i.e., when significant uncertainty about … compatibility and efficiency asymptotically vanishes when an economy is replicated …
Persistent link: https://www.econbiz.de/10014089832
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Optimal allocations in growth models with private information
Krebs, Tom; Scheffel, Martin - 2022
This paper considers a class of growth models with idiosyncratic human capital risk and private information about individual effort choices (moral hazard). Households are infinitely-lived and have preferences that allow for a time-additive expected utility representation with a one-period...
Persistent link: https://www.econbiz.de/10013426651
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Optimal Allocations in Growth Models with Private Information
Krebs, Tom; Scheffel, Martin - 2022
This paper considers a class of growth models with idiosyncratic human capital risk and private information about individual effort choices (moral hazard). Households are infinitely-lived and have preferences that allow for a time-additive expected utility representation with a one-period...
Persistent link: https://www.econbiz.de/10014243037