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Equilibrium Selection in Games with Macroeconomic Complementarities

Kaarbøe, Oddvar M.; Tieman, Alexander F. - 2000

We apply the stochastic evolutionary approach of equilibrium selection tomacroeconomic models in which a complementarity at the macro level ispresent. These models often exhibit multiple Pareto-ranked Nash equilibria,and the best response-correspondence of an individual increases with ameasure...

Persistent link: https://www.econbiz.de/10010324685

Designing stable mechanisms for economic environments

Healy, Paul J.; Mathevet, Laurent - In: Theoretical Economics 7 (2012) 3, pp. 609-661

We study the design of mechanisms that implement Lindahl or Walrasian allocations and whose Nash equilibria are dynamically stable for a wide class of adaptive dynamics. We argue that supermodularity is not a desirable stability criterion in this mechanism design context, focusing instead on...

Persistent link: https://www.econbiz.de/10011599472

Slow and steady wins the race: Approximating Nash equilibria in nonlinear quadratic tracking games

Blueschke, Dmitri; Blueschke-Nikolaeva, Victoria; … - 2015

We propose a meta-heuristic approach for solving nonlinear dynamic tracking games. In contrast to more "traditional" methods based on linear-quadratic (LQ) techniques, this derivative-free method is very flexible (e.g. to introduce inequality constraints). The meta-heuristic is applied to a...

Persistent link: https://www.econbiz.de/10011348201

Power theory of exchange and money

Stefanov, Yaroslav - In: Economies 10 (2022) 1, pp. 1-16

demonstrated that money is a measure of generalized power in exchange and a certification of generalized power in subsequent …

Persistent link: https://www.econbiz.de/10013199967

On the micro-foundations of money: The Capitol Hill Baby-Sitting Co-op

Hens, Thorsten; Schenk-Hoppe, Klaus Reiner; Vogt, Bodo - 2003

This paper contributes to the micro-foundation of money in centralized markets with idiosyncratic uncertainty. It shows … existence of stationary monetary equilibria and ensures that there is an optimum quantity of money. The rational solution of our …

Persistent link: https://www.econbiz.de/10010295388

Analysis of Stochastic Matching Markets

Biró, Péter; Norman, Gethin - 2011

Suppose that the agents of a matching market contact each other randomly and form new pairs if is in their interest …. Does such a process always converge to a stable matching if one exists? If so, how quickly? Are some stable matchings more …. The second part of the paper proposes new techniques to analyse the behaviour of matching markets. We introduce the Stable …

Persistent link: https://www.econbiz.de/10010494477

Quantity Constrained Equilibria

Herings, P. Jean-Jacques; van der Laan, Gerard; Talman, Dolf - 2001

In a standard general equilibrium model it is assumed that there are no price restictionsand that prices adjust infinitely fast to their equilibrium values. In this paper the set ofadmissible prices is allowed to be an arbitrary convex set. For such an arbitrary set it cannotbe guaranteed that...

Persistent link: https://www.econbiz.de/10010325014

Effects of inflation expectations on macroeconomic dynamics: Extrapolative versus regressive expectations

Lines, Marji; Westerhoff, Frank - 2009

In this paper we integrate heterogeneous inflation expectations into a simple monetary model. Guided by empirical evidence we assume that boundedly rational agents, selecting between extrapolative and regressive forecasting rules to predict the future inflation rate, prefer rules that have...

Persistent link: https://www.econbiz.de/10010300843

A note concerning government bond yields

Akram, Tanweer - 2020

This paper relates Keynes's discussions of money, the state theory of money, financial markets, investors' expectations …

Persistent link: https://www.econbiz.de/10012610205

ETS and technological innovation: A random matching model

Antoci, Angelo; Borghesi, Simone; Sodini, Mauro - 2012

. For this purpose, we study an evolutionary game model with random matching, namely, a context in which a population of …

Persistent link: https://www.econbiz.de/10010294340