Search Results - subject:"multiple equilibria."

Testing Models with Multiple Equilibria by Quantile Methods

Komunjer, Ivana; Echenique, Federico - Econometric Society - 2004

In this paper, we present methods for deriving testable implication from models with multiple equilibria. Our framework …, the multiple equilibria models considered here have no implications for the conditional mean of the endogenous variable …

Persistent link: https://www.econbiz.de/10005702626

Adaptive learning and multiple equilibria in a natural rate monetary model with unemployment persistence

Rantala, Anssi - EconWPA - 2004

This paper demonstrates that the adaptive learning approach to modelling private sector expectations can be used as an equilibriumselection mechanism in a natural-rate monetary model with unemployment persistence. In particular, it is shown that only one of the two rational expectations...

Persistent link: https://www.econbiz.de/10005125682

Sequential Estimation of Dynamic Discrete Games

Aguirregabiria, Victor; Mira, Pedro - EconWPA - 2004

appear in the estimation of these models: the indeterminacy problem associated with the existence of multiple equilibria, and …

Persistent link: https://www.econbiz.de/10005134412

Learning with Heterogeneous Expectations in an Evolutionary World

Guse, Eran - Society for Computational Economics - SCE - 2004

This paper studies a game theoretic model where agents choose between two updating rules to predict a future endogenous variable. Agents rationally choose between these predictors based on relative performance. Conditions for evolutionary stability and stability under learning are found for the...

Persistent link: https://www.econbiz.de/10005345275

Search for Multiple Equilibria in Urban Industrial Structure

Weinstein, David E.; Davis, Donald R. - Econometric Society - 2004

Theories of multiple equilibria (ME) are now widespread across many fields of economics. Yet little empirical work has … asked if such multiple equilibria are salient features of real economies. We examine this in the context of the Allied … reject the existence of multiple equilibria. In the aftermath even of gargantuan shocks, a city recovers not only its …

Persistent link: https://www.econbiz.de/10005329001

Chapter 50. Neighborhood Effects

Durlauf, Steven N. - In: Handbook of regional and urban economics : volume 4, …, (pp. 2173-2242). 2004

This paper surveys the modern economics literature on the role of neighborhoods in influencing socioeconomic outcomes. Neighborhood effects have been analyzed in a range of theoretical and applied contexts and have proven to be of interest in understanding questions ranging from the asymptotic...

Persistent link: https://www.econbiz.de/10014024012

Price Uncertainty and Derivative Securities in a General Equilibrium Model

Chichilnisky, Graciela; Dutta, Jayasri; Heal, Geoffrey - 1992

of equilibrium prices. We thus provide a mechanism for resolving non-uniqueness in economies with multiple equilibria and …

Persistent link: https://www.econbiz.de/10009472288

Start-up Costs and Pecuniary Externalities as Barriers to Economic Development

Ciccone, Antonio; Matsuyama, Kiminori - 1992

One critical aspect of economic development is that productivity growth and a rising standard of living are realized through more roundabout methods of production and increasing specialization of intermediate inputs and producer services. We use an extended version of the Judd-Grossman-Helpman...

Persistent link: https://www.econbiz.de/10012235844

Start-up Costs and Pecuniary Externalities as Barriers to Economic Development

Ciccone, Antonio; Matsuyama, Kiminori - Center for Mathematical Studies in Economics and … - 1992

Persistent link: https://www.econbiz.de/10005824466

Endogenous Fertility in a Stochastic Endogenous Growth Model with Human Capital

Schaefer, Andreas - Society for Computational Economics - SCE - 2003

Persistent link: https://www.econbiz.de/10005537814