A hallmark of the attention economy is the competition for the attention of others. Thus people persistently upload content to social media sites, hoping for the highly unlikely outcome of topping the charts and reaching a wide audience. And yet, an analysis of the production histories and...

We construct an index theorem for smooth infinite economies that shows that generically the number of equilibria is odd. As a corollary, this gives a new proof of existence and gives conditions that guarantee global uniqueness of equilibria. -- Uniqueness ; determinacy ; equilibria ; infinite...

This paper uses basic empirical facts from attention and perception psychology for a behavioral approach to equilibrium analysis at the industry and the macroeconomic level. The paper endogenously determines whether an economy is information-rich and whether scarcity of attention complements...

Attracting attention is a basic feature of economic life but no standard economic problem. A new theoretical model is developed which describes the general structure of competition for attention and characterizes equilibria. The exogenous fundamentals of an attention economy are the space of...

Consider a multi-sector general equilibrium model where firms have incomplete information about the returns to scale of their production and where that information is sequentially updated once real production is observed. What is the impact of this learning dynamics on the market-wise...

This paper examines the paperclip apocalypse concern for artificial general intelligence. This arises when a superintelligent AI with a simple goal (ie., producing paperclips) accumulates power so that all resources are devoted towards that goal and are unavailable for any other use. Conditions...

The eductive approach consists of finding solutions consistent with common knowledge of individual rationality and the model. An equilibrium is stable whenever it is the unique outcome consistent with these assumptions. This is a strong stability criterion as it relies on no assumption of prior...

The paper proposes a framework to analyze the effects of various bank bailout policies on bank managers' incentives first to lend prudently and second to disclose truthfully their non-performing loans. It is shown that tough bank closure rules have counterproductive effects on bank managers'...

For perfectly competitive economies under uncertainty, there is a well-known equivalence between a formulation with contingent goods and one with state-specific securities followed by spot markets for goods. In this paper, I examine whether this equivalence carries over to a particular form of...

Axel Leijonhufvud's On Keynesian Economics and the Economics of Keynes (1968) was a seminal contribution to the literature on what came to be known as the micro-foundations of macro-economics, but its Marshallian approach, which involved analysing the disequilibrium dynamics of markets in which...