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Moral hazard and linear contracts : Economies with idiosyncratic risks

CITANNA, Alessandro - HEC Paris (École des Hautes Études Commerciales) - 2000

In exchange economies where moral hazard affects the distribution of individual risks, we study the viability of linear nonexclusive contracts. It is shown that the linearity in prices and payoffs is compatible with the presence of moral hazard when coupled with a simple participation fee. More...

Persistent link: https://www.econbiz.de/10005011585

Trend followers, contrarians and fundamentalists: Explaining the dynamics of financial markets

Schmitt, Noemi; Westerhoff, Frank H. - 2019

We propose an empirically motivated financial market model in which speculators rely on trend-following, contrarian and fundamental trading rules to determine their orders. Speculators' probabilistic rule-selection behavior - the only type of randomness in our model - depends on past and future...

Persistent link: https://www.econbiz.de/10012023996

On the complicated price dynamics of a simple one-dimensional discontinuous financial market model with heterogeneous interacting traders.

Tramontana, Fabio; Westerhoff, Frank; Gardini, Laura - Facoltà di Economia, Università degli Studi di Urbino - 2010

We develop a financial market model with heterogeneous interacting agents: market makers adjust prices with respect to excess demand, chartists believe in the persistence of bull and bear markets and fundamentalists bet on mean reversion. Moreover, speculators trade asymmetrically in over and...

Persistent link: https://www.econbiz.de/10008577225

A dynamic exchange rate model with heterogeneous agents

Gori, Michele; Ricchiuti, Giorgio - In: Journal of evolutionary economics : JEE 28 (2018) 2, pp. 399-415

Persistent link: https://www.econbiz.de/10011948958

Externalities, Consumption Constraints and Regular Economies

Bonnisseau, Jean-Marc; Mercato, Elena L. del - Centro Studi di Economia e Finanza (CSEF) - 2008

We consider a general model of pure exchange economies with consumption externalities. Households may have different …

Persistent link: https://www.econbiz.de/10005839188

Externalities, consumption constraints and regular economies

Bonnisseau, Jean-Marc; Mercato, Elena L. Del - HAL - 2008

We consider a general model of pure exchange economies with consumption externalities. Households may have different …

Persistent link: https://www.econbiz.de/10010738576

Walrasian prices in markets with tradable rights

Hervés-Beloso, Carlos; Martínez, Francisco; Rivera, Jorge - In: Economic Theory 49 (2012) 2, pp. 497-512

Persistent link: https://www.econbiz.de/10010993597

Competitive markets with externalities

Zame, William R.; Noguchi, Mitsunori - In: Theoretical Economics 1 (2006) 2, pp. 143-166

This paper presents a general model of a competitive market with consumption externalities, and establishes the …

Persistent link: https://www.econbiz.de/10011599368

Private ownership economies with externalities and existence of competitive equilibria: A differentiable approach

Mercato, Elena L. del; Platino, Vincenzo - Centre d'Économie de la Sorbonne, Université Paris 1 … - 2015

We consider a general equilibrium model of a private ownership economy with consumption and production externalities …. Fixing the externalities, the assumptions on utility functions and production technologies are standard in a differentiable … externalities is non trivial and it requires some ingenious adjustments, because the production technologies are not required to be …

Persistent link: https://www.econbiz.de/10011268204

Understanding markets with socially responsible consumers

Kaufmann, Marc; Andre, Peter; Kîoszegi, Botond - 2023

Many consumers care about climate change and other externalities associated with their purchases. We analyze the …

Persistent link: https://www.econbiz.de/10014446285