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The Nature of Equilibrium in Macroeconomics: A Critique of Equilibrium Search Theory

Aoki, Masanao; Yoshikawa, Hiroshi - 2008

The standard Walrasian equilibrium theory requires that the marginal value product of production factor such as labor … theory allegedly fills this gap by encompassing apparent disequilibrium phenomena in the neoclassical equilibrium framework …. Taking up Lucas and Prescott (1974) as a primary example, we show that the neoclassical search theory cannot explain the …

Persistent link: https://www.econbiz.de/10010298573

But Some Neutrally Stable Strategies are More Neutrally Stable than Others

van Veelen, Matthijs - 2010

For games in which there is no evolutionarily stable strategy, it can be useful to look for neutrally stable ones. In extensive form games for instance there is typically no evolutionary stable strategy, while there may very well be a neutrally stable one. Such strategies can however still be...

Persistent link: https://www.econbiz.de/10010326038

A stationary equilibrium model of green technology adoption with endogenous carbon price

Dammann, Felix; Ferrari, Giorgio - 2024

This paper proposes and analyzes a stationary equilibrium model for a competitive industry which endogenously determines the carbon price necessary to achieve a given emission target. In the model, firms are identified by their level of technology and make production, entry, and abatement...

Persistent link: https://www.econbiz.de/10014494914

Adverse selection among early adopters and unraveling innovation

McGee, Rory - 2023

I provide an equilibrium analysis of 'selection markets': where consumers not only vary in how much they are willing to pay, but also in how much they cost to the seller. The model provides a joint explanation for three empirical phenomena: low uptake of existing products, slow demand for new...

Persistent link: https://www.econbiz.de/10014581822

Search Theory and Commuting Behavior

Rouwendal, Jan - 2004

In this paper I argue that search theory is a useful addition to the way economists and geographers have approached the … decentralized employment the spatial search model predicts excess commuting. Search theory also suggests that regression towards the …

Persistent link: https://www.econbiz.de/10010325209

The impact of timing on bidding behavior in procurement auctions of contracts with private costs

De Silva, Dakshina G.; Kosmopoulou, Georgia; Pagel, Beatrice - 2012

We provide a comparison of bidding behavior between multi-round and single-round auctions considering bid lettings for asphalt construction contracts that are known to have primarily private costs. Using a reduced-form differenc-in-difference approach as well as the nonparametric estimation...

Persistent link: https://www.econbiz.de/10010309036

Strategic outsourcing revisited

Buehler, Stefan; Haucap, Justus - 2003

This paper analyzes a sequential game where firms decide about outsourcing the production of a non-specific input good to an imperfectly competitive input market. We apply the taxonomy of business strategies introduced by Fudenberg and Tirole (1984) to characterize the different equilibria. We...

Persistent link: https://www.econbiz.de/10010315541

All-pay auctions: Implementation and optimality

Jönsson, Stefan; Schmutzler, Armin - 2013

This paper analyzes how all-pay auctions with endogenous prizes can be used to provide effort incentives. We show that wide classes of effort distributions can be implemented as equilibrium outcomes of such games. We also ask how all-pay auctions have to be structured so as to induce high...

Persistent link: https://www.econbiz.de/10010316920

An analysis of institutional change in the European Union with an application to social policy

Kolmar, Martin - 2002

Institutional change is guided by rules. In the European Union these rules are given by Art. 250-252 of the Treaty of Amsterdam. These articles define the actors and rules that bring about changes in policies in the European Union. We analyze these articles as games in extensive form and...

Persistent link: https://www.econbiz.de/10010260791

Tax competition when firms choose their organizational form : should tax loopholes for multinationals be closed?

Bucovetsky, Sam; Haufler, Andreas - 2005

We analyze a sequential game between two symmetric countries when firms can invest in a multinational structure that confers tax savings. Governments are able to commit to long-run tax discrimination policies before firms' decisions are made and before statutory capital tax rates are chosen...

Persistent link: https://www.econbiz.de/10010261390