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result. We also discuss additional properties such as continuity or smoothness of the equilibrium mappings and whether … additional recursive or non-recursive euilibria exist. -- Markov equilibrium : Uniqueness ; Overlapping generations …
Persistent link: https://www.econbiz.de/10009667138
strategy is an attractive evolutionarily stable equilibrium for certain barycentric ray-projection dynamics, and vice versa …
Persistent link: https://www.econbiz.de/10009409739
This paper demonstrates the existence of a finite set of equilibria in the case of the indeterminacy of linear rational expectations models. The number of equilibria corresponds to the number of ways to select n eigenvectors among a larger set of eigenvectors related to stable eigenvalues. A...
Persistent link: https://www.econbiz.de/10011525764
The theory of melioration, originally formulated for individual decision-making contexts, is formally extended to a game theoretic framework. This paper proves the existence of a distribution that is a melioration strategy on the part of all players. Further, the question of stability of such a...
Persistent link: https://www.econbiz.de/10011539636
always exists an equilibrium in this general setting with two dimensional types of ex ante heterogeneous bidders. We provide … conditions under which the equilibrium is unique. Moreover, when the bidders are ex ante symmetric, we show that there is a … unique symmetric equilibrium. We also identify sufficient conditions for existence of asymmetric equilibria. …
Persistent link: https://www.econbiz.de/10010461152
We prove existence of steady-state equilibrium in a class of matching models with search frictions. …
Persistent link: https://www.econbiz.de/10010499806
This paper presents a Heterogeneous Agent Model of a financial market with chartist and fundamentalist traders that exhibit bounded rationality and short-term thinking to explain the effect of under and overreaction to news. The existence of the Market Maker's finite price adjustment speed leads...
Persistent link: https://www.econbiz.de/10009295720
elasticities of the crucial functions defining the aggregate equilibrium dynamics of the model. This allows us to study how market …
Persistent link: https://www.econbiz.de/10009235089
- namely, equilibrium existence in first-price auctions and the revenue dominance of second-price auctions - do not generalize … ; conditional independence ; de Finetti's theorem ; minimally informative random variable ; auctions ; pure strategy equilibrium …
Persistent link: https://www.econbiz.de/10009237134
unique switching equilibrium, in which patient traders use the crossing network while impatient traders submit orders …
Persistent link: https://www.econbiz.de/10009684675