Showing 1 - 10 of 5,585
-o between price and trade probability. We present a novel proof of existence of a unique demand vector in Nash equilibrium …, based on a recursive approach that exploits the monotonicity of matching functions. …
Persistent link: https://www.econbiz.de/10010817426
-existing heterogeneity. …
Persistent link: https://www.econbiz.de/10011206196
strongly symmetric equilibria, proving their existence and providing explicit solutions for the distributions of advertised and …
Persistent link: https://www.econbiz.de/10005616535
We present a model that generates empirically plausible price distributions in directed search equilibrium. There are many identical buyers and many identical capacity-constrained sellers who post prices. These prices can be renegotiated to some degree and the outcome depends on the number of...
Persistent link: https://www.econbiz.de/10010558826
This paper investigates the existence of pure strategy, dominant strategy, and mixed strategy Nash equilibria in … quasiconcavity introduced in the paper, is enough to guarantee the existence of Nash equilibria in compact and convex normal form … show the existence of dominant strategy and mixed strategy Nash equilibria in discontinuous games. …
Persistent link: https://www.econbiz.de/10011112019
The book aims at describing the recent developments in the existence and stability of Nash equilibrium. The two topics … are central to game theory and economics and have been extensively researched. Recent results on existence and stability …>Introduction</li> <li>Continuous Normal-Form Games</li> <li>Generalized Better-Reply Secure Games</li> <li>Stronger Existence Results …
Persistent link: https://www.econbiz.de/10011122724
Money was, until Keynes and Friedman, the great absence in economic literature. After them, relations between money and long economic cycles have been in their turn absent in debate. Perhaps this conform an explanation for logical and chronological relations between business cycles and long...
Persistent link: https://www.econbiz.de/10005430346
The US housing market exhibits seasonal boom and bust cycles where prices and the speed of trade (turnover rate) rise in summers and fall in winters. We present a search model that analytically generates the observed cycles. The proposed mechanism is based on swings in market thickness rather...
Persistent link: https://www.econbiz.de/10011041606
We develop an equilibrium search model of the housing market where sellers may become distressed as they are unable to sell. A unique steady state equilibrium exists where distressed sellers attempt fire sales by accepting prices that are substantially below fundamental values. During periods...
Persistent link: https://www.econbiz.de/10009647382
The housing market exhibits a puzzling yet repetitive seasonal boom and bust cycle where prices and trade volume rise in summers and fall in winters. This paper presents a search model that analytically generates the observed deterministic cycle.
Persistent link: https://www.econbiz.de/10009647383