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Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2000

Fiat money(1) is a creation of both the state and society. Its value is supported by expectations which are conditioned … weather. However, money and the financial institutions and instruments of a modern economy provide the means to influence … expectations and bound behavior.(2) Paper money emerges as a virtual commodity. The dynamics of the economy permits it to serve as …

Persistent link: https://www.econbiz.de/10005762736

Indeterminacy, Nonparametric Calibration and Counterfactual Equilibria

Brown, Donald J.; Kannan, Ravi - Cowles Foundation for Research in Economics, Yale University - 2003

We propose a nonparametric approach to multiple calibration of numerical general equilibrium models, where counterfactual equilibria are solutions to the Walrasian inequalities. We present efficient approximation schemes for deciding the solvability of Walrasian inequalities.

Persistent link: https://www.econbiz.de/10005762745

The Theory of Money and Financial Institutions: A Summary of a Game Theoretic Approach

Shubik, Martin - Cowles Foundation for Research in Economics, Yale University - 2006

A game theoretic approach to the theory of money and financial institution is given utilizing both the strategic and … used to calculate several cooperative forms that differ from each other in their utilization of money and credit and their … the extreme structures the concept of "enough money" can be defined usefully, and for large economies the games obtained …

Persistent link: https://www.econbiz.de/10005762688

Information and the Existence of Stationary Markovian Equilibrium

Karatzas, Ioannis; Shubik, Martin; Sudderth, William D. - Cowles Foundation for Research in Economics, Yale University - 2000

We describe conditions for the existence of a stationary Markovian equilibrium when total production or total endowment is a random variable. Apart from regularity assumptions, there are two crucial conditions: (i) low information -- agents are ignorant of both total endowment and their own...

Persistent link: https://www.econbiz.de/10005087407

Efficient Dynamic Auctions

Bergemann, Dirk; Valimaki, Juuso - Cowles Foundation for Research in Economics, Yale University - 2006

We consider the truthful implementation of the socially efficient allocation in a dynamic private value environment in which agents receive private information over time. We show that a suitable generalization of the Vickrey-Clark-Groves mechanism, based on the marginal contribution of each...

Persistent link: https://www.econbiz.de/10005593293

Bandit Problems

Bergemann, Dirk; Valimaki, Juuso - Cowles Foundation for Research in Economics, Yale University - 2006

We survey the literature on multi-armed bandit models and their applications in economics. The multi-armed bandit problem is a statistical decision model of an agent trying to optimize his decisions while improving his information at the same time. This classic problem has received much...

Persistent link: https://www.econbiz.de/10005593445

Discounted Stochastic Games with Voluntary Transfers

Kranz, Sebastian - Cowles Foundation for Research in Economics, Yale University - 2012

This paper studies discounted stochastic games perfect or imperfect public monitoring and the opportunity to conduct voluntary monetary transfers. We show that for all discount factors every public perfect equilibrium payoff can be implemented with a simple class of equilibria that have a...

Persistent link: https://www.econbiz.de/10009421459

Credit Cards and Inflation

Geanakoplos, John; Dubey, Pradeep - Cowles Foundation for Research in Economics, Yale University - 2009

of money, it causes inflation, in the absence of monetary intervention. If the monetary authority attempts to restore pre …-credit card price levels by reducing the money supply, it might have to sacrifice the efficiency gains. When there is default on …

Persistent link: https://www.econbiz.de/10005016204

An 'Average' Lyapunov Convexity Theorem and Some Core Equivalence Results

Zhou, Lin - Cowles Foundation for Research in Economics, Yale University - 1991

I prove an "average" version of the Lyapunov convexity theorem and apply it to establish some core equivalence results for an atomless economy.

Persistent link: https://www.econbiz.de/10005463977

A Practical Competitive Market Model for Indivisible Commo

Yang, Zaifu - Cowles Foundation for Research in Economics, Yale University - 2001

money and each seller is endowed with several units of each indivisible good. Each buyer has reservation values over bundles … quantity of money they consume. All preferences are assumed to be quasi-linear in money and money is treated as a perfectly …

Persistent link: https://www.econbiz.de/10005762658